The business plan forms the base of your journey into launching or maintaining your entity. It outlines the reasons as to why the business was formed, the business strategies, the core business objectives, the environment you operate in, your products or services and what problems they are solving, your belief as to why your business has a competitive edge over others in your category, where you have weaknesses and should also include expected outcomes achieved throughout the growth of your business. Don’t believe what you read or what you are told; there is no ‘one size fits all’ structure for a business plan.
A business plan is a document that outlines the goals and objectives of your business, as well as the strategies and tactics you will use to reach those goals. It also serves as a roadmap for you and your team to follow. Creating a business plan is an important step in starting or growing your business. It provides clarity on what you want to achieve and how you will get there. It can help you identify potential risks and opportunities, as well as provide a framework for making decisions. A well-crafted business plan can also help you secure financing from investors or lenders.
The following information has been taken from the yet to be released book titled "The Global SME A Snapshot guide to thriving and surviving in a global digital economy" by Damian London.
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