Updated: Jul 22
A business plan is an essential and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the particular steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term.
While a business plan is essential to entrepreneurship, not every entrepreneur sees the need for one. Many business funding experts support the idea that having a good business plan is not enough.
Even excellent business ideas can be useless if you cannot express, produce and perform a strategic plan to make your business idea work. If you are looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. Before writing a business plan, it is important to consider two important factors:
Who will the reader be?
What do you want their response to be?
For example, if you are interested in raising capital, investors will likely be your target audience. If you are interested in partnerships or joint ventures, your potential business partners will be your audience. Whoever this audience may be, please focus on the key message you want them to receive to get the response you want.