The following articles about business plans and business planning have featured on my Business Coaching Blog.
Why Do You Need A Business Plan?
There are several reasons by business owners will prepare business plans. These reasons will determine how formal the business plans are and their length.
The reasons for business planning include:
- To help the business prepare for the future if it faces a particular challenge or issue.
- To improve performance
- To raise finance
- To sell the business
If the reason for the business plan is internal, the important thing is to focus on clarity of thinking that goes into the plan and the actions that come out of it.
For help in this area, please see the section of the Coaching Blog that looks at Business Strategy.
If the reason for the plan is external, it needs to be more extensive and explain issues that the management team and owners take for granted. While the plan needs to be honest and fair, its purpose is to sell the idea of involvement in the business to third parties. This will inevitably involve emphasising the positives of the business. A damaging admission may add to credibility.
Business Planning Articles
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