By on February 24 2018 16:50:24
A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.
Do I Need a Simple or Detailed Plan? A corporate business plan for a large organization can be hundreds of pages long, but for a small business it is best to keep the plan as short and concise as possible, especially if you intend to submit it to bankers or investors — 25-30 pages should be sufficient unless you need to include photos of products, equipment, logos, business premises or site plans, etc. Potential money-lenders or investors will be looking for solid research and analysis in your plan rather than long, wordy descriptions.
A standard business plan consists of a single document divided into several sections, including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.