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A business plan can have a number of different purposes, so before you begin writing and researching, you should know why you’re writing it and what you hope to accomplish with it.
Starting a new business is always a bit of a gamble, of course, but during the planning stage it’s better to be realistic than optimistic.
“In my experience, the single largest reason a business plan fails is that those creating the plan under-calculate the time and cost that will be required for the plan to break-even,” says Boyer.
“Without a clear and specific purpose or set of purposes, a business plan has little value.” For example, is the plan’s purpose to help you raise capital?
Or is it to develop a strategic framework to move from points A to point B?
Writing a business plan will force you to look at your product or service objectively and understand your strengths as well as your weaknesses.
Any potential investor will want to know what they’re getting themselves into, how their money will be spent and whether or not you will be capable of pulling it off.
It will help you manage everything from cash flow and personnel to marketing and brand awareness.
Having things in writing will also make it easier to monitor your company’s performance and identify areas where you might be falling short.
Learning how to write a business plan can make the difference between a successful start-up and a failed venture, but not all business owners and entrepreneurs recognise the importance of having one.
A survey by NAB (National Australia Bank) found that one third of Australian small businesses fail because they don't have a business plan.