If you're one of the many people thinking about starting a small business, having a business plan is one of the first things you should have on your list of things to do. It doesn't matter if you're starting a small business from home or away, having a plan for your business is considered a blue print for a successful small business. What is a business plan and why do you need one?
He explains that his definition of a business plan is "a formal document written to capture and communicate the planned direction and manoeuvres required for the business to accomplish its most important goal _ profitability". Balanko_Dickson adds that profit is no accident, and by writing and following your plan, you increase the chances of achieving profitability. Balanko_Dickson educates that developing a detailed plan will provide you with an opportunity to shape a powerful business development strategy, whether your goal is to: get financing to start; get financing to expand; be more organised and increase your odds of success; identify the value of your business and prepare a plan for selling; create a plan to buy a business; create a management succession plan to facilitate your retirement, etc.