MANAGEMENT

Detailed explanation-1: -Why is a business plan important? A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.

Detailed explanation-2: -Planning can be an excuse for inaction. You get to enjoy the fantasy of success in your imagination without the effort required to achieve that success in the real world. This is not to say that you don’t need some idea of what you’re doing and in what order, but planning just to plan is wasted effort.

Detailed explanation-3: -The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results. In fact, businesses that plan grow 30% faster than those that don’t.

Detailed explanation-4: -The Better Business Planning Process Strategize. Calculate Your Financial Forecast. Draft Your Plan. Revise & Proofread.