Business.gov.au have revealed three powerful ways that a business plan can help businesses and their owners succeed.
Business.gov.au emphasise how valuable a business plan is despite the time, research and energy it takes to put it together. The three powerful ways that a business plan can help businesses and their owners succeed are–helping secure finances, helping prioritise & maximising efforts and providing a sense of control.
The first powerful way–helping secure finances–involves having the business plan available to banks and investors to show them why they should invest in the business.
The second powerful way–helping prioritise & maximising efforts–involves having the business plan state goals that are to be achieved and strategies on how to achieve them.
The third powerful way–providing a sense of control–involves having the business plan focusing on ideas, risks and questions that would arise during the running of the business. The ideas, risks and questions that would arise over time would revolve around competitors, customers, financial objectives, potential opportunities and threats to the business.
More information on business planning can be found here.
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