Business Planning is the first step towards a successful enterprise. Business Planning includes deciding what products or services you would like to offer, the place where you would like to start the business, analysing competition, estimating demand and creating the financial model.
Business planning is an ongoing activity and should be updated whenever internal or external factors change.
Business planning helps to set up a structured business and saves time and resources in the long run.
A business plan is the first step to secure funding as it addresses all concerns of funding institutions.
The projections in business plan gives you a good understanding of how your business will operate in future.
A business plan helps validate your assumptions and determine if there is a need for your product or service.
- While researching and writing your business plan, it is likely that you have gathered, or accessed, a significant amount of information such as
- Cash flow statement.
- Income statement.
- Balance sheet.
- Detailed financial projections.
- Capital equipment list.
- Letters of support, reference, or credibility.