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Reasons To Do Business

Here are 3 reasons why you need a business plan: 1. To raise money from investors or lenders, who require a thorough business and financial plan demonstrating the likelihood of success and funding needs. 2. To make sound decisions by defining business ideas and strategies focusing on financial, management, human resources, technology, and customer value matters. 3. To help identify potential weaknesses by sharing the plan with experts who can provide advice, and to communicate your ideas to stakeholders like financial institutions, potential employees, suppliers, and customers.

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71 views1 page

Reasons To Do Business

Here are 3 reasons why you need a business plan: 1. To raise money from investors or lenders, who require a thorough business and financial plan demonstrating the likelihood of success and funding needs. 2. To make sound decisions by defining business ideas and strategies focusing on financial, management, human resources, technology, and customer value matters. 3. To help identify potential weaknesses by sharing the plan with experts who can provide advice, and to communicate your ideas to stakeholders like financial institutions, potential employees, suppliers, and customers.

Uploaded by

jhell dela cruz
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Here are 4 reasons why you need a business plan

1. To raise money for your business

Potential investors or lenders want a written business plan before they give you money. A mere
description of your business concept is not enough. Instead, ensure you have a thorough business and
financial plan that demonstrates the likelihood of success and how much you will need for your business
to take off.

2. To make sound decisions

As an entrepreneur, having a business plan helps you to define and focus on your business ideas and
business strategies. You not only concentrate on financial matters, but also on management issues,
human resource planning, technology and creating value for your customer.

3. To help you identify potential weaknesses

Having a business plan helps you to identify potential pitfalls in your idea. 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.

4. To communicate your ideas with stakeholders

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.

Creating a business plan involves a lot of thought. You need to consider what you want to do, and use
that as a starting point. It doesn't need to be complicated. At its core, your plan should identify where
you are now, where you want your business to go, and how you will get there.

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

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