Your vision should outline where you want to take the business in the medium to long term and can be expressed as a series of objectives.
So many business owners fail to put pen to paper because they are waiting for more certainty regarding their current financials, funding, sales or partners but your business plan should steer your activity, not the other way around.
Smaller companies and startup companies typically use only a business plan to develop all aspects of the business on paper, obtain funding and then start the business.
Many smaller companies – including startups never develop a Strategic Plan.
A poorly prepared business plan will impact on your chances of receiving the funding.
Your plan should provide an overview of your current business position, where you plan to go and how you intend to get there.
To fund your business start up or expansion you’re almost certainly going to need a business plan to convince the bank or investors that your business is a good financial risk.
A business plan should demonstrate how much money you need, why you need it and when your investors are likely to get repaid.
Most business owners fail to make a start on their business plan because they are either too busy or don’t understand what is required in the plan.
Too often they are working IN the business dealing with day to day issues instead of working ON the business with strategic planning.