Whether you have just started your business or developing it day-by-day, a business plan is what you would need throughout your journey.
The crucial factors that you would write down on a piece of paper will help you going towards your desired success.
I had to submit all my information and a plan that presented what I wanted to do, with financial breakdowns and percentages, demographics, and how I was going to get customers.” For a small business to succeed, attracting talented workers and partners is of vital importance.
A part of a business plan’s purpose is to help bring in the right talent, from the executive level to skilled staff, by showing them the direction and growth potential of the business.
A business plan may also be needed to retain other professional services as well, such as attorneys, landlords, consultants or accountants. “I had to have a viable document that they could trust,” said Sulzer, who leased from one of the largest landowners in downtown Los Angeles.
“With a corporate landlord, they wouldn’t deal with me unless I had a business plan.
” In addition to providing a roadmap for progress and a marketing plan, your business plan could also be important in securing funding.
Whether you’re seeking a credit line from a bank or an influx of capital from investors, a business plan that answers questions about profitability and revenue generation can make the difference between whether or not someone decides to invest – or how much they might choose to invest.
“How are we going to get those people that lead to an increase in our daily sales?
And how are we going to reach them to let them know we’re here?