5 Reasons You Need a Business Plan for Your Start-Up
Are you starting a new business, seeking additional financing, or looking to expand? If so, a well thought-out business plan is a must!
The following are five key reasons why you need a business plan:
#1 Starting a new business: a business plan will help you establish the steps required to start a new business, including identifying its strengths, weaknesses, opportunities and threats, as well as determining what resources (both financial and other) will be required.
#2 Manage an existing business: a business plan can communicate your vision to staff, assist in developing financial forecasts and to compare planned versus actual performance.
#3 Grow your existing business: a business plan can assist you in creating a strategy to manage growth, raise capital, identify opportunities and mitigate risks.
#4 Seek investment for a business: if you are planning to raise or borrow money from investors/lenders and, even from friends and family, you will need a business plan to communicate your vision clearly and demonstrate the financial returns available to them.
#5 Sell your business: usually a business plan is an important part of selling the business. It helps buyers understand what you have, what it is worth and why they want it. Valuation establishes how much your business is worth. Usually that takes a business plan, as well as a professional with experience.
For assistance preparing a business plan or financial projections for your business, please contact David Holmes, CPA, CA, CBV at 705-722-4272 or fill out the contact form on the right.