Business

Why business plan is important?

By September 7, 2021 September 18th, 2021 No Comments
How to Write a Business Plan eGuide. Learn how to prepare a business plan to increase restaurant business success. Fail to plan-plan to fail! Get Guide now!

Many people new to business often miss out on understanding why a business plan is important when they are thinking about starting a business. 

RECIPE FOR SUCCESS INGREDIENT CARDS

Ingredient 1: Business Plan

Question:

Why business plan is important?

Answer:

It takes time and discipline to write an effective business plan but it is vital to think about your costs and how you will sustain the business.

Preparing a business plan has many benefits for you.  It will help you to:

    • think carefully about why you want to start your food business
    • set your goals for the business
    • work out how much money you will need, from initially setting up and equipping the business to run it smoothly and profitably
    • look at the risks involved when starting a business
    • address the strengths and weaknesses of your proposed business
    • plan where you want to go in business and the best way to get there.

Your bank manager or finance manager will want to see that you have done your homework before lending you any money.  

Your business plan should contain as much information as possible and yet at the same time it must be concise.

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