Why bother writing a Business Plan?
Your key to getting finance: If you need to apply at any stage for funding whether it be from banks, venture capitalists, even grant funding from organisations like Prince’s Trust, they will all expect to see a full business plan. The plan should show the viability of your business and reassure potential financiers that it is a sound investment and likely to prove profitable. Without a plan, such organisations will not take you or your business seriously and will not be prepared to invest in you. Your guide for running your business: Even if you do not need to apply for funding to get your business off the ground, a business plan is vital to ensure that you are working towards definite and achievable goals and monitoring your progress towards these goals. A well-written plan will help you to keep a focus on the ‘bigger picture’, making sure you do not get so bogged down with day-to-day detail that you forget why you set up the business to begin with.
