Purpose of Business Plan
1. Strategic Planning: It helps in long-term strategic planning by setting goals and outlining the steps needed to achieve those targets and goals.
2. Funding: When seeking financing from investors or lenders, a business plan is often required to demonstrate the viability of the business and its potential for profitability.
3. Decision Making: It assists in making informed decisions by providing a comprehensive overview of the business, allowing stakeholders to evaluate risks and opportunities.
4. Guidance: It helps the business owner and management team understand the direction and goals of the business. It provides a clear path for how the company intends to reach its objectives.
5. Communication: A business plan is a tool for communicating the business’s vision and strategy to employees, potential investors, lenders, partners, and other stakeholders.
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