While you need to have a business plan to seek investors or get a loan for your company, the plan is actually for your benefit. A well-written plan provides you with a starting point and outlines a timetable that drives your activities, keeping you grounded, focused on your target market, strategically aligned with your main business tactics and on track as you progress.
A good business plan clearly states the amount of capital you need to make the company work and where the investment is coming from. Prepare for the Future By outlining your goals and how you will reach them, your business plan helps you prepare for the future.
It provides a step-by-step guide as you start a new business or grow your current company, and it directs every decision you make going forward. A well-developed business plan also documents actions the company will follow in case the projections turn out to be too optimistic.
Share on Facebook A business plan serves as your blueprint for how you will operate your business. Clarify Goals A business plan is an effective means of defining your goals and the steps needed to reach them. Be specific even if the plan is for your eyes only ; Use measurable milestones, accountable responsibilities and trackable performance expectations, for starters.
When your plan is clearly spelled out in writing, it helps you see the big picture and identify potential problems before you make blunders.
There are a number of pieces that all have to come together to make your business profitable. About the Author Linda Ray is an award-winning journalist with more than 20 years reporting experience.
Market research in the business plan should include projections based on consumer needs and your ability to fulfill those needs. It spells out your purpose, vision and means of operation.
Get Organized Writing down your business plan helps you clarify your thoughts and organize the steps you need to take to be successful in your business.
It clarifies the means by which you will pay back borrowed money, your sales forecast, spending budget, cash flow and how you will invest profits.
Stay on Track After your business plan is developed, referring to it periodically helps you maintain a long-range view as you make daily decisions. Scenarios should be developed to identify potential obstacles, including possible changes in the market, so that the company will be prepared to make operational decisions that remain in line with the overall business strategy.Articulating a portal's value and purpose presents a challenge to many organizations.
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Share; Like; Download norazimahmejri. Follow Published on Jan Purpose of Business Plan 4. Universiti Teknologi MARA Official Website.
Universiti Teknologi MARA (UiTM) Shah Alam, Selangor Darul Ehsan Malaysia. Entrepreneurship: Business Plan for YUME Sdn Bhd.
Research (PDF Available). THE IMPORTANT OF FINANCIAL PLAN To determine the size of investment To ensure the initial capital is sufficient To identify the relevant cost of finance To be used as a guideline in running the business PURPOSE OF FINANCIAL PLAN To control and ensure the flow of money is in the right position To make a budget for the next accounting period To.
Report ENT UiTM 1. DCC mi-centre.com BUSINESS PROJECT PROPOSAL ASEPREFACEASSALAMUALAIKUM WARAHMATULLAHI WABARAKATUH Alhamdulillah we have finally completed our business plan.Download