A number of Entrepreneurs are in the habit of outsourcing their business plan needs. While it is not out of place to seek the input of a consultant, it is important that every Entrepreneur have a good understanding of what a Business plan is and be actively involved in its preparation.

There are two primary objectives for preparing a business plan. The first is external; to obtain funding
that is essential for the development and growth of the business. The second is internal, to
provide a plan for early strategic and corporate development. This helps guide an organization
towards meeting its objectives, by keeping the business entrepreneur and all its decision-makers
headed in a predetermined direction, and by setting out how the company will be run for the next
two to three years.

In addition, well designed business plans provide an operational framework that allows the business
to enjoy distinct competitive advantages. This, in turn, should result in increased profits for the
organization.

A well developed business plan serves the following four primary purposes:
(a) To serve as an Action Plan - for the next 12 months
(b) To serve as a Roadmap - for the next two to three years
(c) To serve as a Performance Tool - on an ongoing basis
(d) To serve as a Business Promotions Tool

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For a step by step guide on how to write a standard business plan, CHECK HERE.