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Your Business Plan Will Become Your Partner
Are you planning to start a new business? Or
are you considering expanding your current business and require a
bank loan or investment from outsiders?
If you are going to look for an investment of capital it is quite
likely that you will be required to have a business plan. If you are
starting a business, despite the work involved, a business plan can
prepare you for the obstacles ahead and help ensure your success.
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A business plan is something that many small businesses
fail to create, however, many business owners are adamant that having a
written business plan is one of the keys to their present success.
Creating a business plan forces you to contemplate possible obstacles to
your business and prepares you to find solutions that will help you to
overcome them.
To find investors or get a bank loan, they will want to see that you have
the experience or resources to run the business. They will want to see
your projected income as well as your suggested repayment plan already
laid out. Taking the time to do this is not only important for them, but
it gives you a measuring tool to verify if your business is growing
properly. You can gage your success on how close to the plan your business
has actually performed. Perhaps you'll do worse, or perhaps you'll do
better, either way it helps you determine how well your business is
getting on.
If you have never seen a business plan before you may be concerned that is
is too difficult a proposition for you to manage on your own.
While there are services available where you can hire someone to write a
business plan for you, depending on your needs it may be wise to
familiarize yourself with a business plan's layout. This will not only
help you to provide the necessary information, but may encourage you to
try your own hand at it.
There's a free tool at www.bdc.ca which will assist you in creating a
business plan. Some of the topics you will be required to explain are your
Market, Customer, Competition, Marketing Plan, Research & Development
along with financial forecasts. You may consider hiring someone to help
you with your financial sheets after completing the written part of the
Business Plan.
Your Business Plan will become your guide and silent business partner -
indicating where you need to improve and helping you stay one step ahead
of your competition. Make it a priority to have this crucial road map for
your business.
© COPYRIGHT 2008 ALL RIGHTS RESERVED Business Plans
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