Even if you don’t need financing or licensing, however, it’s still a good idea to have a well-thought-out business plan.
If you need to hire any key employees, a strong business plan will help attract strong talent.
An operational business plan focuses on the company’s overarching goals, mission, and vision so that all department stay aligned.
Your Marketing and Sales, Operational Plan, and Financial sections will be key here.
The reason many business owners first decide to put together a business plan is that they simply have to.
If you want to apply for a business loan, attract investors, or obtain any necessary licensing, business plans are a prerequisite.Even if your business is in a casual industry, you want the business plan to remain formal.Most importantly, ensure that your business plan is easy to read by keeping everything concise and avoiding technical jargon that someone outside your industry might not understand.The tone you use throughout your business plan has a significant impact on how the reader perceives your business.Generally, you want to maintain a clear, authoritative tone.Whenever you need to deal with professionals, such as a consultant or an accountant, your business plan gives them invaluable insight.Finally, it’s a good idea to put a business plan together for your own sake.This is an easily digestible, much shorter version of your normal business plan.Typically, it will be between three and five pages.Your standard business plan, and the one we will be teaching you to write.Again, these come in handy when seeking to fund your business, attract employees or work with professionals, or simply to act as a guide.