Importance of business plan ppt
From: Adam W.
Category: have paragraphs
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Why write a business plan? If you wanted to build a house, you wouldn't walk over to an empty lot and just start nailing boards together. Yet, unlike a house, a business isn't static. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside.
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Every entrepreneur has to present a business plan to outsiders at some point if he or she is seeking a loan or investment in the company. Obtaining venture capital funding, angel investment, or even bank loans for a business is increasingly difficult in a tough economy. You don't want a poor pitch to impede you ability to score financing for your business. In fact, it's imperative to have a pitch and presentation that showcases your idea, your potential, your market and your ability to provide investors with a return on their investment. The business pitch is different than the business plan. But you need to have your plan drafted before you can fine-tune your pitch. The plan is the screenplay for the business.
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What is the Importance of a Business Plan?
While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results. For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets. Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors.
What is the importance of writing a business plan? A business plan is an outline of your business goals and objectives and how you intend to achieve them. Most people do not realize the importance of a business plan to the growth and development of a business. They feel it is a waste of time and not necessary to do as they consider there are more important things to do concerning the business rather than taking out time to draft a good business plan.