A business plan is a tool with three basic purposes:
- communication
- management
- planning
- Communication
As a communication tool, it is used to attract investment capital, secure loans, convince workers to hire on, and assist in attracting strategic business partners.
- Management
The business plan helps you track, monitor and evaluate your progress. The business plan is a living document that you will modify as you gain knowledge and experience.
- Planning
The business plan guides you through the various phases of your business. A thoughtful plan will help identify roadblocks and obstacles so that you can avoid them and establish alternatives.
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