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    Business Plan: The Benefits of Having A Business Plan Include

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    M Fani Malik
    A business plan outlines business goals and the plan to achieve them. It includes background on the organization, goals, reasons for attainment, and helps with tasks like securing investors or employees. Benefits include clarifying the vision, determining market potential and profitability, estimating costs, convincing investors, defining the target market, analyzing competition, setting objectives, anticipating risks. Disadvantages are the time needed for creation and difficulty obtaining some information.

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    Business Plan: The Benefits of Having A Business Plan Include

    Uploaded by

    M Fani Malik
    23 views1 page
    A business plan outlines business goals and the plan to achieve them. It includes background on the organization, goals, reasons for attainment, and helps with tasks like securing investors or employees. Benefits include clarifying the vision, determining market potential and profitability, estimating costs, convincing investors, defining the target market, analyzing competition, setting objectives, anticipating risks. Disadvantages are the time needed for creation and difficulty obtaining some information.

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    business plan

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    entrepreneur

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    A business plan outlines business goals and the plan to achieve them. It includes background on the organization, goals, reasons for attainment, and helps with tasks like securing investors or employees. Benefits include clarifying the vision, determining market potential and profitability, estimating costs, convincing investors, defining the target market, analyzing competition, setting objectives, anticipating risks. Disadvantages are the time needed for creation and difficulty obtaining some information.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    23 views1 page

    Business Plan: The Benefits of Having A Business Plan Include

    Uploaded by

    M Fani Malik
    A business plan outlines business goals and the plan to achieve them. It includes background on the organization, goals, reasons for attainment, and helps with tasks like securing investors or employees. Benefits include clarifying the vision, determining market potential and profitability, estimating costs, convincing investors, defining the target market, analyzing competition, setting objectives, anticipating risks. Disadvantages are the time needed for creation and difficulty obtaining some information.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Business Plan

    A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. Business plan can help to perform a number of tasks for those who write and read them. They are used by investment-seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better. The benefits of having a business plan include:

    Helping you to clarify your vision and deciding whether or not to forge ahead with the idea. Determining if your product and/or service has a sufficient market to support it and whether or not it will be profitable. Providing an estimate of your start-up costs and how much you will need to invest or finance. Convincing investors and lenders to fund your business. Defining your target market (who your customers are or will be) and how to best reach them through strategic marketing. Establishing or reevaluating your competitive position within the marketplace, by conducting a thorough analysis of the competition (finding out where your competitor's weaknesses are and how you can take advantage of them). Defining corporate objectives and programs to achieve those objectives. Understanding the risks involved and anticipating potential problems so you that can solve them before they become disasters. Setting a value on a business for sale or for legal purposes. The disadvantages of a business plan are that it takes a lot of patience to create one and a lot of your time when you could be doing something else more productive. Also you will find that some of the information that you need to put on a business plan is hard to figure out and you may not even be able to figure them out yet.

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