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Why You Need A Business Plan - Business - Nairaland

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Why You Need A Business Plan by prinxmax(m): 6:26pm On Jun 08, 2019
Don't go into that business without a business plan.

Starting a new business or expanding an existing one could be scary, but with proper business plan and guidance, you are sure to scale through the huddles and mistakes of startups. Small businesses fail for lack of proper planning and your planning starts with a well written business plan from a professional.

You only have one chance at nailing that crucial first impression with investors and lenders.
A persuasive and attractive business plan, financial projection, and executive summary can make your path to funding much, much short

We will help you refine your ideas and strategies, and mold them into a viable business. We challenge your assumptions, fill gaps in your thinking, do lots of independent research and analysis, and help formulate business models, tactics, and strategies. We help crystalize your long-term competitive differentiation, identify target markets, and plan for business scalability. And then we help you express it in a compelling package – whether it’s a business plan, financial forecast, or executive summary – that is most appropriate for your specific situation and target audience.

You need business plan to;

1. To Attract Investors
Before investors can decide whether or not to back your business financially, they will need to know as much as possible about how the business will operate and how their investment will be spent.

2. To See If Your Business Ideas Will Work
By writing a business plan and outlining each aspect of your business, you can determine if your idea is actually viable through feasibility studies.

3. To Outline Each Area of the Business
A business plan will provide an overview of all aspects of the business. You will be able to detail the who, what, where, when, and why of your day-to-day business operations, costs, and projected profitability.

4. To Set Up Milestones
By forecasting where your business will be in six months, one year, or five years, you are not only letting potential investors know your plans, but also setting up realistic milestones for yourself and your employees.

5. To Learn About the Market
Researching, analyzing, and writing about the market not only provides you with an overview for the business plan, but gives you greater insight into the overall market.

6. To Secure Additional Funding or Loans
Your business plan can demonstrate that you have met goals and illustrate the company’s growth and need for additional funding.

7. To Determine Your Financial Needs
The process of writing your business plan will force you to analyze your financial picture.

8. To Attract Top-Level People
Your business plan will give talented and experienced people an overview of your business.

9. To Monitor Your Business
A business plan should serve as an ongoing business tool that you can use to monitor your progress.

10. To Devise Contingency Plans
While business plans often include some contingency plans, by virtue of having the document available, you can see how and where you can make such changes relatively quickly if, and when, necessary. You can as well anticipate possible risk in the business through a business plan and set mitigating factors in motion to handle it.


Call or whatsap us today..
Rindeth Consulting
+2347032618349
www.startuplivewire.com

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