Before starting any business, it is important to write a realistic, detailed business plan that…
Objectives of a Business Plan
The question, “Who uses a business plan?” seems like an easy question to answer, but the answer is more complex than appears at first glance. One of the most common answers is that a new business startup needs to go through the planning process to secure funding from angel investors, equity investors, or venture capitalists, or to get approval for a bank loan. While that is true, the business plan is not the same thing as a request for funding. It has a more comprehensive role in getting a business started or expanded with the highest chance of success.
• Identifies marketing strategies
• Guides the staffing plan
• Pinpoints the businesses and people who are competitors
• Assesses the state of the industry
• Identifies growth strategies
• Measures strengths and weaknesses
• Establishes a timetable
• Incorporates industry, customer, cultural, and economic information
All Forms of Success
The importance of the business planning and market review processes that lead to a business plan means all types of enterprises can benefit. They include a:
• Business start-up
• Business ready to expand
• Fortune 500 company reassessing its operations
• Existing global business
• Business ready to go global
• Business needing to revise its course
• Business that desires to update an outdated business plan
The business plan is a blueprint for success, no matter what type of business success is desired. It adds structure and thoroughness to the business planning process, ensuring the entrepreneur or business leadership addresses each of the important elements of a successful business. The planning document articulates the business mission, tests assumptions by converting them into a financial plan, and describes the market from different angles.
Who uses a business plan? The answer is: Businesses, investors, banks, industry specialists, researchers and many others.
OGS Capital has a team of business plan writers, researchers, and analysts who work closely with all types of businesses interested in developing a quality business plan. Consultants have the expertise and experience to assist businesses in reaching business planning goals. The process begins by sending the short contact form.
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