A well crafted business plan is the foundation of all great businesses.
This is a very important business tool. You as a trader should not just dive into activities without having a proper plan otherwise you are preparing for failure. Usually, it is prepared to cover a period of three years but if you want to inspire confidence draft a strategic plan for the next 100 years. This is important because all partners will have a sense of security when they know that the firm will be a source of livelihood for their families.
A good business plan will answer well the following questions:
- is there demand for your services?
- How much money do you need to run your company?
- When is the right time time for you to expand?
- What factors to consider in choosing the company headquarters?
- What must be done to understand the industry in which you operate?
Share with us your experiences in writing business plans in the comments!
