Why a Business Plan?

What's in the bag? Business of Software 2010

Business plans are not only for
entrepreneurs starting a new
business wanting to obtain
funding. Business plans can
also be very useful for existing
businesses as it can be used as
a management tool to focus
on the organisations vision,
mission and objectives.
At the beginning of a new
year, it may be very useful to
haul out the ‘old’ business
plan to consider whether the
organisation is still on track
and ready for the challenges of
the new year. The business
plan is an effective management tool which can be used
to compare actual results
against targeted performance.
It can therefore be used to
evaluate the organization’s
performance.
A business plan may also be
used for the following purposes:
 Obtain bank financing and/
or investment funds
 Arrange strategic alliances
 Obtain large contracts
 Attract key employees
 Motivate & focus management team
The business plan should consider the business environment including the business
itself, the market environment
and the macro-environment.

source

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