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The following sections are not always required, but can enhance any business plan: Your business plan should be prepared by you, the entrepreneur.It is your business and your plan, but do not hesitate to ask for help from your management team, consultants, accountants, bookkeepers, copy editors or other experienced people.Your business’s success can depend on your plans for the future.
A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and your financial forecast.
It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts.
Preparing your plan will also help you focus on how to operate your new business and give it the best chance for success.
Securing financial assistance to start your new business will be directly related to the strength of your business plan.
Learning how to write a business plan can make the difference between a successful start-up and a failed venture, but not all business owners and entrepreneurs recognise the importance of having one.
A survey by NAB (National Australia Bank) found that one third of Australian small businesses fail because they don't have a business plan.
Writing a business plan requires you to meticulously research the market, which will help you learn more about what your customers really want, how much they’d be willing to pay, how you can attract them, and who your competitors are.
In the early days of a business venture when things are still new and exciting it’s easy to become so passionate about your ideas and plans that you fail to see the potential downsides and put adequate safeguards in place.
Even if you end up enlisting the help of a professional business consultant, you’ll still need to be closely involved in the planning and writing process, so here are some of the most important ways a business plan can help you succeed.
You probably already know who you’ll be targeting with your product or service, but without a business plan you won’t fully understand how you fit into the market, what your priorities should be and the challenges you might face.