Why Prepare a Business Plan?
More than 300 busineses fail in Australia on a daily basis. Why?
Lack of planning,
Lack of capital,
Lack of cash flow.
Many busineses can avoid failure by prepaing a business plan.
Why Business planning is important?
A business that does not plan is more likely to fail.
A business plan is like a road map that tells you exactly where you are headed.
It allows you to plan and control your business's growth.
It allows you to set performance goals and budgets. Once set, performance can be measured.
Reduces waste and duplication of effort.
Forces managers to annalyse what is happening in the market place.
Forces managers to look more closely at what is happening in the business.
Can be used as a document to present to venture capitalists, bank managers etc, to attract funds.
Allows for clear understanding of business priorities.
Planning creates awareness and acceptance of change.