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By - Ameerah Woodley

Why Every Entrepreneur Should have a Business Plan

A business plan is an essential tool that can ensure that a new business performs excellently in a competitive environment. As such, the business owner will be able to manage and grow the business without any difficulty. A business plan offers a guideline of what ought to be done, how and when and the finances that the entrepreneur must contribute at each level of the business. As such, at a glance, the owner can tell the areas that are performing well and those that are lagging behind. Additionally, it is an essential communication tool to attract finances to your business and competent employees as the business grows.

A business plan clarifies what the business should be at each particular time. As such, it will help you to understand what you need to do, or you should be doing at every stage as the business grows. Thus, you can tell what needs to be done for forward movement. A plan will give a description of your ideal customers, the services you will offer and the specific products that you will be offering. Additionally, when designing a business, you will need to understand that the market, technology and other factors will change and thus you need to factor them in your future plans.

A business plan is also an excellent way to solicit for funds. By having statistics and facts about your business, it is easy to secure finances from lenders as well as other supporters who might share the same interest as you. Additionally, investors will want to see a plan of how you intend to spend the capital that they will be pumping into your business. Business plans also helps to attract partners as well as conveying the organizational structure with titles of directors. Therefore, any entrepreneur needs to have a business plan which will acts as guide on running a new business.

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