When starting a new business, it is essential to have a viable business plan for your new venture. A good business plan helps you gain the requisite financial support from your creditors and bankers, garner support from your customer base and focus your efforts on what is important.
It also helps in clearly defining your long term objectives and in ensuring smooth operation for your business. Therefore, it is important to understand what information you should include in your business plan and how to portray your financial predictions.
The target audience for your plan
Creating and managing a realistic business plan has many benefits, even if you plan to use it within the company. It can:
:-Help you identify potential pitfalls and risks before they happen, thus giving you the opportunity to avoid them
:-Enable you to structure the financial side of your business efficiently
:-Focus your efforts on what is important to your business
:-Be used as a measure of your success and can help you track your progress
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