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Reasons to have a business plan

Reasons to have a business plan

Most business plans are produced for a specific reason and the most common by far is to raise finance. However, a well thought out and well written business plan is essential for every company, not just those seeking an investor or a lender. Indeed, the discipline of writing something down is the first step to making it happen. Without one, a business will under perform and risk failure. Discover the reasons why companies fail.

The reasons why companies need a written business plan include:

  • To raise finance (i.e. a business loan from a bank or venture capital from a business angel)
  • To determine the amount of finance required
  • To act as a blueprint for running the business
  • To define milestones and what is required to achieve them on time and in full
  • To understand the sensitivity of forecast financial performance to changes in assumptions
  • To monitor business performance versus forecast financial performance
  • To manage cash flow
  • To enable a business to raise its game and take its performance to a higher level
  • To think about the business in a structured rigorous manner
  • To ‘force’ a better understanding of the market, the competition and the core target market customer
  • To determine strengths weaknesses, opportunities and threats
  • To ensure the marketing strategy and marketing plan are not neglected
  • To review and objectively evaluate a new business venture
  • To value a business
  • To sell a business

To discuss your business critical issue

Please call Paul New on 020 8390 9972 or send a message.

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To discuss your business critical issue, please call Paul New on 020 8390 9972 or send a message.

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