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    Four Reasons To Write A Business Plan

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    Idealy Andriamiharisoa
    A business plan is an important strategic tool that helps entrepreneurs focus on the specific steps needed to succeed and achieve objectives. While not every entrepreneur sees the need for a plan, having a well-documented plan is extremely valuable when raising funds from investors and lenders. A business plan should identify the target audience, key message, and demonstrate the likelihood of success and funding needs. Creating a plan involves considering goals and strategies, and identifying potential weaknesses to reduce odds of failure.

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    Four Reasons To Write A Business Plan

    Uploaded by

    Idealy Andriamiharisoa
    42 views2 pages
    A business plan is an important strategic tool that helps entrepreneurs focus on the specific steps needed to succeed and achieve objectives. While not every entrepreneur sees the need for a plan, having a well-documented plan is extremely valuable when raising funds from investors and lenders. A business plan should identify the target audience, key message, and demonstrate the likelihood of success and funding needs. Creating a plan involves considering goals and strategies, and identifying potential weaknesses to reduce odds of failure.

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    Business Plan

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    A business plan is an important strategic tool that helps entrepreneurs focus on the specific steps needed to succeed and achieve objectives. While not every entrepreneur sees the need for a plan, having a well-documented plan is extremely valuable when raising funds from investors and lenders. A business plan should identify the target audience, key message, and demonstrate the likelihood of success and funding needs. Creating a plan involves considering goals and strategies, and identifying potential weaknesses to reduce odds of failure.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    42 views2 pages

    Four Reasons To Write A Business Plan

    Uploaded by

    Idealy Andriamiharisoa
    A business plan is an important strategic tool that helps entrepreneurs focus on the specific steps needed to succeed and achieve objectives. While not every entrepreneur sees the need for a plan, having a well-documented plan is extremely valuable when raising funds from investors and lenders. A business plan should identify the target audience, key message, and demonstrate the likelihood of success and funding needs. Creating a plan involves considering goals and strategies, and identifying potential weaknesses to reduce odds of failure.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 2

    Why business is very important 

    A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only
    helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed,
    but it also helps them to achieve short-term and long-term objectives. Benjamin Franklin once said, "If
    you fail to plan, you are planning to fail." (Benjamin Franklin).

    While a business plan is essential to entrepreneurship, not every entrepreneur sees the need for one.
    Many are reluctant to have their plan written down and there are numerous articles online claiming that
    the business plan is dead or irrelevant. Of course, not everyone agrees with that. A large number of
    business funding experts support the idea that having a good business plan is not enough. Even
    excellent business ideas can be useless if you cannot formulate, execute and implement a strategic
    plan to make your business idea work. If you are looking to raise funds from institutional investors and
    lenders, keep in mind that having a good business plan is extremely valuable. You should aim to have
    a well-documented plan that speaks for itself. It needs to be clear and easy to read and understand.

    Before writing a business plan, it is important to consider two important factors:

     Who will the reader be?


     What do you want their response to be?

    For example, if you are interested in raising capital, investors will likely be your target audience. If you
    are interested in partnerships or joint ventures, your potential business partners will be your audience.
    Whoever this audience may be, focus on the key message you want them to receive in order to get
    the response you want. 

    Four Reasons to Write a Business Plan

    1. To raise money for your business

    Potential investors or lenders want a written business plan before they give you money. A mere
    description of your business concept is not enough. Instead, ensure you have a thorough business
    and financial plan that demonstrates the likelihood of success and how much you will need for your
    business to be successful in the long-term.

    2. To make sound decisions

    As an entrepreneur, having a business plan help you define and focus on your business ideas and
    strategies. You not only concentrate on financial matters, but also on management issues, human
    resource planning, technology and creating value for your customer.

    3. To help you identify any potential weaknesses

    Having a business plan helps you identify potential pitfalls in your idea. You can also share the plan
    with others who can give you their opinions and advice. Identify experts and professionals who are in a
    position to give you invaluable advice and share your plan with them. 

    4. To communicate your ideas with stakeholders


    A business plan is a communication tool that you can use to secure investment capital from financial
    institutions or lenders. You can also use it to convince people to work for your enterprise, to secure
    credit from suppliers and to attract potential customers.

    Creating a business plan involves a lot of thought. You need to consider what you want to do and use
    that as a starting point. It does not need to be complicated. At its core, your plan should identify where
    you are now, where you want your business to go and how you will get there. Writing a good business
    plan does not guarantee success, but it can go a long way toward reducing the odds of failure.
    Besides, even if you are not looking for investment, your entrepreneurial plans will fall flat quickly
    without a plan to guide them.

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