Why Create A Business Plan

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It can help you estimate what you'll need to spend to reach your goals, whether that means adding an IT expert or retaining an accountant.

Third, a business plan may help you as you seek funding for your business.

Tables are usually the best choice for this kind of financial summary, as they provide an unbiased view of the numbers and allow investors to look up specific values.

If you’re just starting your business and you don’t have any detailed revenue data, you can still provide useful information about your budget.

Consider these five reasons why you should create a business plan.

First, a business plan can serve as a guide through your company's life cycle, from startup to growth to succession planning.Some lenders require a formal plan before extending a loan or line of credit.Investors also want to see how you map out your strategy and goals.Business plans need to be understandable at a glance to attract funding.Don’t rely on investors dedicating time to dig into the details of your report.The way Uber breaks down their market with a simple donut chart makes their biggest segment (a key takeaway) really stand out, while the subtler differences between the smaller segments are still evident.Another part of analyzing market potential is about identifying and understanding target customers.While the SWOT matrix does have a place in the world of business communications, it’s not necessarily the best way to present your competitive landscape.The SWOT matrix doesn’t make it easy to see at a glance the key characteristics that differentiate your business from your competitors.If your business plan includes some supporting data in the form of charts and tables, use a two-column layout to juxtapose text with its corresponding data.Keeping these tips in mind will ensure that your business plan design feels clean and professional and doesn’t distract from your content.

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