Take Action to Optimize Your Business Management
LET'S GET STARTEDWrite your business plan
Though it is not always important to write a business plan, making a plan for how you will start, grow and manage your business is crucial.
For those business owners who are pursuing the traditional route of starting a business, having a business plan may prove necessary to accessing funding. Banks or other potential financing partners will want to know your plan for developing a product/service, getting it into the market, conducting sales and managing the growth of that business. That story is very often best told through a business plan.
Even though it is expected that many things will not work out as planned, a business plan will help potential partners or funders get an idea of the history of the business, any traction you may have established, expected market growth and resulting revenue projections. It is what they will use to determine if your business should have their backing.
The interesting thing is that your business plan story can be told in a variety of ways and there are different tools that support these ways
Traditional business plans encourage you to provide details and often result in several pages of writing in an effort to prove your value to the market. The major purpose of a business plan is to explain a company’s strategy to get from where they are now to where they want to be in the future. It explains how the business plans to secure funding, how its business model will work and what it will do to move from idea through to its growth stage.
CLICK HERE for a business plan template
Start-Ups tend to use other tools. These include the business model canvas and the lean start-up canvas. Both of these tools are high-level focus. That is, they do not contain detailed strategies for building the business. Typically lenders and investors will require more details than what is contained on a business model canvas.
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