The Importance of a Business Plan Essay -- Business.
Introduction In today’s environment, the business plan is the entrepreneur’s most important document when setting up a new business. Without the help of a well-designed and well- presented business plan the entrepreneur will find it very difficult to express its business goals or secure financing.
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A business plan is a written document that gives details on a business idea or venture and present the outlook of the business over a number of years. This plan will guide the business project management and operations, assist in vital decisions and measure performance.
Apart from the above benefits, the most important role of business plan is to accomplish the vision of an entrepreneur by persuading the investors to fund them. The financiers could be either the lenders or investors. All require a business plan to evaluate the potential of business.
There are so many aspects to writing a good essay that it is impossible to cover them all but I’d like to emphasise one really important thing and that is planning! This is an essential first step. You are not ready to start writing until you have a plan.
The preparation of a business plan or project report is of great significance for an entrepreneur. The business plan serves the two essential functions: First and most important the business plan is like a road map. It describes the direction the enterprise is going in, what its goals are, where it wants to be, and how it is going to get there.
However the business plan keeps changing from time to time. This helps in the progress of the business to suit a market and its changes (Kate, 2011). In starting up a business, a business plan is important as it contains a plan for the future. This future plan is a guideline of what is to be done for good progress. Proper researching is.
The advantages and disadvantages of a business plan Entering the world of business is not that easy.When starting a new venture, one should never come unprepared.If you started a new venture without planning anything first, chances are, you will end up going wherever the wind takes you.
The benefits of having a business plan. The time you invest in your business plan will pay off many times over. Some of the most obvious benefits you can gain from business planning include. An opportunity to test out a new idea to see if it holds real promise of success.
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The Executive SummaryThe executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. It summarizes the highlights of the completed business plan and provides a brief snapshot of the plan, with sales, spending, and profit sum.
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A business plan is essential if you're thinking of starting a business, but it's also an important tool for established businesses. Viable businesses are dynamic; they change and grow. Your company's original business plan needs to be revised as you set new goals.
A business plan is defined as “a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s).” (McHugh J., McHugh S., Nickels W., 2010) A business plan is important to potential business owners for quite a few reasons.
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A business plan serves several important functions to someone who is thinking of starting a business. A business plan will make you look at several things you might not have thought of if you try to start a business without one (Paulson, 2003 p. 35). They are as follows: 1. Why do I want to go into business? (Paulson, 2003 p. 25) a.