earning how to write a business plan can make the difference between a successful start-up and a failed venture, but not all business owners and entrepreneurs recognise the importance of having one.
These are three of the most useful guides for business planning out there.
A survey by NAB (National Australia Bank) found that one third of Australian small businesses fail because they don't have a business plan. Despite this, 40% of small businesses don’t have one, and 21% of Australian small business owners say they don’t have time to write one.
Another survey of Palo Alto companies found that business owners with a completed business plan are nearly twice as likely to be successful when securing funding and growing their business.
Even if you end up enlisting the help of a professional business consultant, you’ll still need to be closely involved in the planning and writing process, so here are some of the most important ways a business plan can help you succeed.
A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.
Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. With that in mind, jump right in.
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