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Created with Fabric.js 1.4.5 Importance BUSINESS PLAN The One Document that Determines The Success or Failure of Your Business WHY YOU SHOULD WRITE A BUSINESS PLAN For searchingof investors.. Applying forbusiness loan Making Improvementsto your existingbusiness 1. Maps Your Future and Provides for Direction - An aid to help you manage your business more effectively- Understand your business better- Chart specific courses of action to be taken- Detail alternative future scenarios and- Set specific objectives and goals- Reflects resources required to achieve the goals Businesses thatwrote businessplans grew than businesses that did not 30% 2. To Support Growth and Secure Fundings It is important to clearlydescribe the opportunity,as investors will want to know: Why they would be better offinvesting in your business,rather than anywhere else? ? ? ? Unique Selling Point of your business? What is it that your business can provide, for yourprospects to part with their money andbuy your product/service? Ensure FOCUS Clearly points out key activitiesto focus on and not strayoff course May assign milestones to specific individuals and ultimately help management to monitor progress Allows for all employer and employees to understand the directions that the business wants to take Invites partners and employeesto discuss if plan is attainable andsuggest ways to better the business 4. Allocation of Resources 3. Source: Professor Andrew Burke, founding DirectorBettany Centre for Entrepreneurial Performance and Economics at CranfieldSchool of Management FASTER! There is only a certain amount of resources to run a successful organization.Critical elements have to be used in the most effective and efficient way possible.The business plan acts as a filter to set these priorities. - Initial Public Offering of stock (IPOs) - Acquisition by competitors - Mergers - Family succession - Management buy-outs 5. To Support a Successful Exit Investment decisions can be done in thepresent through a well-thought-out business plan. FACT ! Valuing firms are notorious for beingdifficult and subjective. A well-written plan will clearly highlightthe opportunity for the incoming investors,the value of it and increase the likelihood ofa successful exit by the current owner. Infographics done by: Asia Inc "When You Fail to Plan, You're Planning to Fail!" Going without a business plan Business planning is identifies the people in charge of projects and creating a chain of command within the organization.This is important because it establishes responsibility for the success of each department and helps staff members knowwho to report to for clarification of job duties. Without a business plan, the company structure is not defined and there isno focused effort for employee and corporate development. The efficient processing and distribution of information is essential for the success and growth of your small business.A business plan establishes lines of communication and allows employees to be in line with the company's priorities,the flow of information in and out of the company and how information is distributed internally. Without a plan, there is noformal structure for communication and important information can get lost. Without a business plan, your company does not have identifiable business objectives. Objectives are used to developlong-term growth and productivity plans that are essential for the sustained success of your organization.- lacks the focus needed to achieve corporate goals- unable to develop plans that will move the company forward X Unclear Objectives X Unclear Distribution of Resources Could Be Disastrous Business plans are used to allocate corporate resources into projects and operations that need them. Without a plan,it is difficult to disseminate budgets for projects and understand the personnel and funding resources needed. This canbe detrimental to the company's growth. A company can find itself short of funds for critical activities such as payrolland other operational costs. X Unclear Organizational Structure X Unclear Communication "STOP HANDICAPPING YOUR OWN BUSINESS TODAY!" of a
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