THE ROAD MAP TO MANAGE YOUR COMPANY 

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You should be aware that a business plan is one of the tools, along with many other tools, that can help make your business work. It helps you  to trace out the strategies necessary to define a sustainable model. Therefore, the efficiency of the Business Plan not only depends on its preparation but also how it is implemented by the management of your company.

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A business plan can be used to control day to day activities and help management in timely  decision-making . For this, the business plan must provide information about how your decisions will impact the company. This is achieved when you have a constant flow of information together with your business plan.

 

On the one hand, you have to continuously update the business plan. On the other, you have to know how to interpret the information it offers.

 

(a) Features of Business Plan 

 

A business plan will include an executive summary. This is a brief summary of the entire plan and should catch the investor’s attention. The plan will also include detailed information about your management team, information about the products or services you intend to offer, a market analysis of your industry, your marketing strategy, and a risk analysis. Include charts detailing financial projections over the next one to five years.

 

It may include projected profit and loss account, break-even analysis, cash flow projections and balance sheet. You also may create an appendix of personal financial statements, credit history and tax returns to show to specific individuals but not everyone.

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(b)  Help To Find The Lenders

 

If you intend to seek to finance for your business, you must have a business plan. Investors will pay close attention to your personal financial statements and financial projections. In particular, investors want to see that you’ve set milestones and implemented realistic tools to measure your success. Investors may also want to know how much you intend to spend on such things as marketing. Furthermore, investors are particularly interested in your management team and ensuring the team members have the right skills to help run your business.

 

 

(c) Enhance Suppliers Confidence

 

A business plan can help you when applying for business credit from suppliers. Suppliers who feel confident that your business will succeed will be much more likely to extend credit.

In particular, they may be interested in reports about your projected sales. In addition, suppliers may want to ensure their products are being represented in the right way.

 

(d) Brings Success To Business

 

A business plan will help you identify what works and what doesn’t, allowing you to track your success and take necessary measures accordingly. It allows you and your team to prioritise your objectives, establish timelines and tools to measure your success, and find ways to reduce costs, change marketing strategies to increase profits.