It is very important to maintain flexibility of thought, not to lose Critical vision and ability to judge
Why is a business plan necessary
A good business plan can turn an idea from a total failure to a raving success.
- It examines the risks and chances in your business idea.
- It provides an answer to questions such as: when will the business become profitable and what profit will it show?
- It serves as a sales tool for potential investors, business partners and banks.
- It specifies the sum of money you will need for investment purposes and who is the right source to raise it from.
- It shows objective analysis and filters exaggerated estimates.
- It reflects operational aspects that concern the stages after establishing the business.
- It specifies the milestones in the business’ development stages.
- It constitutes a work plan for implementation.
- It provides an expression of variables in the macro field that include: sector developments, macro economic developments and reference to competitors.
- It comprises a detailed guide from the day of establishment through to the later stages of the business.