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Why you need a business plan

By firstbase Business Services


It is important to take the time and step back from working in your business to working on your business.

Below are four reasons you need a business plan:

    1. Growing your business

    Growing your business requires strategic planning. A business plan acts as a guide to move your business to the next level.

    2. Setting objectives for managers and employees

    Without a business plan, how will anyone establish what is supposed to happen? With a written business plan, managers will know exactly what your goals are for the company and they will be held accountable for achieving the goals set.

    Sharing key portions of your business plan with your management team and new hires ensures everyone is working towards a common goal.

    3. Dealing with professionals

    When dealing with professionals, such as attorney, accountants and consultants, it is important to share highlights of your plans so all parties involved are aware of the current business stance and its future plans.

    4. Selling your business

    A business plan is a very important part of selling your business. It helps interested buyers understand what you have, what it’s worth and why they want it.

     

    Source: Tim Berry, Entrepreneur.com contributor

 

Your business plan is flexible, as your circumstances change you should update your plan accordingly. Writing a business plan can become a daunting task. Employ the services of qualified business experts at Firstbase Business Services to improve your business’ performance.

If you are interested in moving your business to the next level, contact Firstbase Business Services, click here.

 

Inderpal Gill, Firstbase Business Services