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Business plans are a very important tool for businesses and serve a two-fold purpose. First, it is a guide for conducting operations. Business plans help keep us focused and on track with the purpose of a business. In a way it is written accountability. Second, business plans are essential for requesting money from investors. Whether the investor is a private investor or a lending institution, the person giving out the money will want to see how the investment will be returned. Because of this, the business plan becomes a very important selling tool. The owner of a business requesting money must sell investors on the concept of the business, show the business has great potential, and then convince the investor the amounts borrowed will be repaid.
There are many business plan templates on the Internet and it does not take long to find one. However, detail is your friend in a business plan and there should be a good market analysis, environmental analysis, strategy, and marketing plan. Also, investors like to see projections for sales and expenses to estimate when the firm will be profitable. Kairos Advising and Consulting has extensive experience with creating solid business plans. Dr. Allison has also taught many students how to create great business plans and a few of these have even won awards in competitions. KAC can help you create a successful business plan.
If you are starting a business, a business plan is the first step -- before doing anything else. The reasoning is the business plan is your map for what to do, a play book if you will. A good business plan will discuss everything from location to employees to legal structure to forecasts. It is the definitive plan for what you want to accomplish with your business.
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