Business Plan

  • Business plans have existed for centuries. Anytime a business person wanted to expand and had a need for financing, they needed a medium in which to communicate about their business to the individual providing the financing.
  • A business plan is vital for the future of any business to allocate resources, focus on key points, and prepare for problems and opportunities. It is essential for running a business that may or may not need new loans or new investments. Businesses need plans to optimize growth and development according to priorities.
  • Business plans may also target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their annual return in that timeframe.
  • The business plan, which demonstrates how the business intends to succeed and grow, is the key component in raising financing. This key component can influence the ability of the business owner to obtain the desired financing.
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