If you are a potential business owner or an existing business owner, the importants of a business plan to attract future funders, planning, or to promote your business can’t be overlook.
The primary purpose of a business plan is to define what the business is or what it intends to be over time.
Clarifying the purpose and direction of your business allows you to understand what needs to be done for forward movement. Clarifying can consist of a simple description of your business and its products or services, or it can specify the exact product lines and services you’ll offer, as well as a detailed description of your ideal customer.
Business plan development includes the following:
- Obtaining an understanding of the business and client needs;
- Identification and understanding of the relevant business industry;
- Consideration of laws and regulations affecting the business;
- Identifying the target market;
- Research on the business and related products; and
- Cash flow projections.