What a Business plan is to an Entrepreneur

 

To succeed in your chosen business, a good business plan is crucial. It is said that if you fail to plan, you plan to fail. A lot of people consider a business plan as only a necessity for financing requested by bank.

Business plan goes beyond financing requirement from banks, it is also a working document for business implementation, for startup to track sustainable growth for existing business. In a process which forces the entrepreneur to consider objectively all elements that contribute to a successful enterprise.

A good business plan is:

1.   A planning tool that spells out goals, strategies and objectives in a systematic, realistic and honest manner.

2.   A guide for operations and performance measurement that will serve management in the implementation of the project at hand.

3.   A financing document that will obtain for the enterprise the necessary funding provided is well researched and documented and the financial projections and assumptions are supported.

In my next post on business plan I will share with you the components of a winning business plan.