Why Do I Need A Business Plan

Traditionally, startup businesses draft a business plan for three specific reasons: to articulate their vision for the business, to document how they plan to solve key challenges, and to pitch their business idea to potential investors.But what if I told you that business plans for startup companies are usually not worth the effort?

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You can also share the plan with others who can give you their opinions and advice.

Identify experts and professionals who are at a position to give you invaluable advice, and share your plan with them.

Writing a good business plan, the Ernst and Young Business Plan Guide adds, can’t guarantee success, but it can go a long way toward reducing the odds of failure.

This is also according to multiplestreams.org, even if you aren't looking for investment, your entrepreneurial plans will fall flat quickly without a plan to guide them.

An idea may sound great, but when you put down all the details and numbers, it may fall apart.

While a business plan is absolutely essential in entrepreneurship, not every entrepreneur sees the need for it.My many years of experience working with startups, entrepreneurs, and venture capitalists has led me to conclude that business plans are largely a waste of time for the following reasons: Developing an engaging “pitch deck” to present your company to prospective investors instead of a business plan is the new norm.The pitch deck typically consists of 15-20 Power Point slides and is intended to showcase the company’s products, technology, and team to the investors.A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.Read about the finance options available for businesses on the Business Finance Guide website.Many are reluctant to have their plan written down.In fact, there are numerous articles online claiming that the business plan is dead or irrelevant. A large number of business funding experts, agree that having a good business idea is not enough.A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders.It can also be used to convince people to work for your enterprise, to secure credit from suppliers, and to attract potential customers.You should aim to have a well documented business plan that speaks for itself.It needs to be clear and easy to read and understand.

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