Planning and plans
A plan is the outcome of the planning process
The planning process (thinking, researching, consulting, discussing) is at least as important as the final written plan
A report showing the plans of the business, often used to attract finance from investors and creditors
A document that is designed to provide information about a new business or venture to persuade financial backer to invest in a business
The business plan describes out the market opportunities the business intends to exploit, how it will do so and what resources are required
Business plan & raising finance
To convince creditors about the credit worthiness of the enterprise
To persuade banks and others to lend or invest money it is necessary to:
Demonstrate the lender/investor has a good chance of being repaid or getting a good return on their investment
Build confidence about the firm and owners’ capabilities
Demonstrate that there is a good market for the product or service
Internal uses of a business plan
Provide a sense of direction, purpose and urgency
Plan all aspects and ensure that nothing is overlooked
Provide a checklist to help run and control the business
Monitor progress and success
Improve motivation and communication
Better control and co-ordination and greater consistency
Failing to plan makes an organisation reactive, vulnerable to threats and closed to opportunities
Key planning questions
How did we get here ?
Where would we like to be?
How do we get there?
Are we on course ?
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