Business planning frequently asked questions
What is a business plan?
A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and the financial forecast for your business. It will assist in setting realistic and timely goals, help secure external funding, help measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing you plan will help you focus on how your new business will need to operate to give it the best chance for success.
Why is a business plan important to my business?
Entrepreneurs, like you, are most likely to prepare a business plan when they are in the start-up phase of their small business (to secure financing) or when they are about to make a major change to their business. A business plan should be prepared and regularly updated for all businesses.
There are undeniable benefits to preparing a business plan, namely:
it makes you think about your business, research options, recognize opportunities and risks, and test some of your expectations
it helps you determine the cash needs of your business
it equips you to seek financing from banks and/or investors
