BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It will guarantee survival
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It will help test financial viability
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It will ensure sales targets are met
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It will not need to be referred to again by the business owner
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Detailed explanation-1: -The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.
Detailed explanation-2: -A business plan is essentially a written summary of the various aspects of a business’s operation and their influence on financial results.
Detailed explanation-3: -Business plans can help you get funding or bring on new business partners. Having one in place will help investors feel confident that they will see a return on their investment. Your business plan is the tool you will use to persuade others that working with you (or investing in your business) is a smart decision.