Why do you need a business plan?
“If you fail to plan, you are planning to fail”- Benjamin Franklin
A Business plan will establish your goals and is one of the key elements to access funding. If you want to succeed you need to have to plan.
It does not matter if you are already running a business, or if you want to start-up your business, taking the time to create a clear and viable plan will demonstrate that you’ve done all the necessary thinking around your venture. The whole process of planning will also save you a lot of time and money by helping you foresee the challenges and avoid costly mistakes.
So what is a Business Plan?
A business plan sets out your business goals, it explains why you need the capital and how you will be able to pay back the loan. It defines your business activities and outlines the key steps to reaching them. The primary objectives that funding agencies want to see are:
Are you consistent?Can your plan be executed?How well do you know your business?
Why do I need a Business Plan?
Planning is the key to success. Having a business plan helps to turn your idea and capital into a viable business, secure funding, create a strategy for growth, identify financial requirements and make sure you have researched and planned for all important factors.
How can Funding Connection help you?
As a supporting service to funding applications, we help our clients develop clear and solid business plans. We will not only draw up your document, but we will advise you how to go about it, tell you what the relevant funding agencies are looking for, and coach you every step of the way to ensure you have a profitable business idea. After all, you will not be successful in securing any funding if your business idea is not well-conceived and viable.
What should be included in a Business Plan?
A good business plan should consist of the following minimum content:
Be Organised & Consistent. The structure is necessary; it will outline your plan and identify the key elements.Do your homework- Research and know what it is you are talking about.Simple and to the point- Be Specific, you want to keep your reader interested.
If you would like to learn more about Business Plans and have more questions that need to be answered, feel free to contact us.