In essence, a Business Plan is a kind of map, charting the proposed route by which you intend to take your business from one stage to another; the Business Plan provides an itinerary of means between these two points.
This accordingly entails providing a set of clear objectives and outlining the ways in which you will meet these objectives, identifying potential challenges, delineating timescales, financial goals and other measurable outcomes. This latter is extremely important because it constitutes assessment criteria.
Because a Business Plan might cover a period of several years, it is paramount that one establishes clear cut ways of measuring one's progress, verifying that one is on course. This is important because it demonstrates a strategic approach to business, showing that you are approaching targets in a logical and considered way; the more water-tight your long-term strategy is, the more it accounts for contingencies, the more it is likely to convince other people that your Business Plan is plausible, executable and, most importantly, a safe investment. After all, the purpose of a Business Plan is, in large part, to assist your business in securing a loan or investors.
The Business Plan is thus, in one respect, a “pitch” which serves to convince a bank or potential investor that capital provided to your business is likely to yield a greater return. This is best achieved via meticulous planning, mount a case that exhibits concise strategic thinking, thereby showing that you are a trustworthy and bankable beneficiary of the funds you seek. For the same reason, nobody is going to provide investment or loans on the basis of a haphazard and illogical Business Plan. As a result, composing a solid Business Plan is a matter of the utmost importance, a make or break issue for many businesses.
In addition to being an instrument for securing capital, a Business Plan also has a very practical operational function. Being strategic in approach is sound practice in any domain and is absolutely essential in the often turbulent world of business, in which substantial sums of money are often at stake. Having a comprehensive blueprint for how you intend to grow your business is a great boon seeing as it provides clear guidelines directing day-to-day practice, steering every major decision in your progression.
Having an unambiguous statement of purpose and a clear set of intermediary objectives to that end, will make it far easier to communicate a consistent managerial policy across one's organisation, making sure everyone is on the same page. Clear leadership of this order is invaluable because it serves to fine tune operational proceedings: the more precisely defined one's business objectives are the more focused one can be on the best ways to achieve them.
A Business Plan, then, is a multifaceted document which entails combining financial planning, systematic and logical thinking, along with business strategy in a lucid and linear programme of action. A first-rate Business Plan, it therefore follows, demands articulacy in business, economics, finance and strategy, as well as the ability to synthesis these fields in a practical fashion.
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