Why You Need a Business Plan
Why You Need a Business Plan
The most effective business plans are dynamic documents that evolve as your business grows and changes.
STARTING A BUSINESS
- Turn your ideas and capital into a viable business
- Secure financing from lenders and investors
- Identify strengths, weaknesses, opportunities, and threats
MANAGING START-UP BUSINESS
- Communicate your vision to your employees and external parties
- Develop accurate financial forecasts
- Compare planned versus actual performance
GROWING YOUR BUSINESS
- Raise capital to expand
- Create a strategy to manage growth
- Take advantage of opportunities and mitigate risks
EXITING YOUR BUSINESS
- Develop a plan to transfer ownership. sell your business, or close your business
- Establish a timeline for the transition process
- Identify financial and regulatory requirements
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