5 Reasons why you need a business plan
- Your business plan identifies certain details about your business idea, and the industry that you plan to operate in. If you follow a standard business plan template, you can be sure not to miss any important information
- A business plan is not essential, but many business funders will want to see one before investing any money
- Your business plan serves as a useful document when seeking partnerships, or mentors
- It should include future growth goals that are valuable to look back on, as your business grows
- Your business plan is like an ambassador that tells the world about your brilliant and vibrant new business idea
Your business plan should provide certain details about your business idea, including your intended market and the industry in general. Using a business plan template will ensure that you don’t overlook any important information.
While it’s not essential to have a business plan, you may find it easier to get funding if you have one that is well thought out and contains all of the necessary detail about your prospective business.
We often ask business owners to include a business plan when they apply for bank finance. Consider that, in the same way as you would test-drive a vehicle before purchasing it, we need information about your company before we partner with you.
Potential business partners need to know how their investment will be used, and ultimately, what it will achieve for the business. In this sense, your business plan is like your ambassador - showing how the various elements of your business are integrated into a vibrant whole.
Click Here to Download a Business Plan Template (Word)
Click Here to Download a Business Plan Template (Pdf)