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At every stage of a business, it is necessary to write a business plan and this is always a hurdle for most people especially small scale entrepreneurs who have little or no business background. It shouldn’t be difficult anyway because business plan don’t have to be complicated. Even a pager with some financial plans is enough to get you started.
A business plan is a document which explains in details what business you are in, your goals and objectives and how those goals and objectives are going to be attained.
It is like having a picture of what you want to achieve, how you want to achieve them, when and with what resources.
Many people believe business plan is necessary only to source for finance from banks or other money lenders. This is baseless as there a lot of reasons while you need business plan at every stage of your business. Some of those reasons:
- To assess the viability and feasibility of your business idea.
- To understand the market you want to operate.
- To expand your business.
- To attract local or foreign investors.
If you want your business to have a shot at all, writing a business plan is essential. A typical business plan will contain the following sections:
- Executive summary.
- Business Overview.
- Products and Services.
- Industry Overview.
- Marketing Strategy.
- Operations Plan.
- Financial Plan.
Remember the old saying; if you fail to plan, you are planning to fail. Business plan should not be only when a business is to be launched but at every stage of the business.
It doesn’t have to be complicated. A plan that specifies your business direction and what you need to put together to achieve it is enough for you to take off.