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What Is a Business Plan?
The Culmination of a Process
In generic term for a business plan is a blueprint or roadmap of your business. Although it is a written document for either a start-up or operating company, the document is only the end-result. The business plan represents the culmination of a process, a process that invents or reinvents your business, which can often take 4-6 weeks. Remember it is all about the process and a well planned process will result in a great business plan product.
Furthermore, a business plan is also a living document that can constantly be updated and revised as needed based on any recent trends, changes in the business model, new strategy and additions to the management team that may occur as you develop the Company. The final document is not the end-all-be-all for your Company.
Has Multiple Purposes
Once finished, the document can either be an internal plan used primarily to guide a management team through a growth strategy for a company or it can be used to pique the interest of investors so as to secure growth capital for market launch. Quite often, it can be both where a management will shop the plan to potential investors and once capital is secured they execute on the strategy that was developed through the business plan process.
The Ultimate Reference
Keep in mind that the business plan really needs to be backbone to which you can always refer. For example, you send out your executive summary to potential investors and receive a meeting. At the meeting, you go through your investor presentation highlighting the opportunity. The business plan should be available after the presentation for investor (s) to review all of the quantifiable data and financials should they wish to view it. Being that the business plan brings your business to life, be prepared to know the plan inside and out. Try not to leave any holes in the plan or in the answers to any questions.
Whether you are an operating business or a start-up, the process of writing a business plan really helps to alleviate risk when it comes to your Company's future objectives. When it comes to accomplishing these objectives, whether it may be to grow an operating company or launch a new company, creating a plan always ensures that the process will go smoother. It shows anyone involved in the company that you are serious about moving forward and accomplishing these goals. For investors, it proves that you have done your homework and know the business inside and out.
Download Our Business Plan Template!If you want to create your own business plan quickly and easily, we now offer a business plan template that allows you to develop a professional business plan in hours or days, not weeks or months.
Visit this link to learn more: http://www.growthink.com/products/business-plan-template
OR, Let Us Develop Your Business Plan For You
Our professional business plan consultants can create your entire business plan for you. We will make sure your business plan is sound and ready for investors so you can continue to focus on running your business. Over the past decade, we have created business plans for hundreds of entrepreneurs like you.
For a FREE initial consultation, call 800-506-5728 or complete the form below.
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