Practical Business Planning

How to Prepare for Success and Win Financial Support

Practical Business Planning

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seraficus

Have you researched all of your project's components in enough detail?

You've got such a great idea for expanding your business or developing your department's work. And that means that you're busy with all of the urgent or exciting tasks that you need to tick off your list, to get your venture off the ground.

You might need to find more office space to rent, for example, and you'll want to review your customer service system. Then there are new roles to recruit for, and social media accounts to create. So it's no wonder that you're neglecting your planning – even though it will be critical to your success.

As Benjamin Franklin said, "To fail to plan is to plan to fail."

In this article, we'll look at how you can prepare a really useful business plan that will help you and your backers, and that will be well worth spending your precious time on.

Why Bother With a Business Plan?

Many people assume that writing a business plan will be a difficult and dull task with a limited, if important, purpose – securing funding from the bank or the board of directors. Therefore, they give the minimum effort to this "necessary evil" and, once the cash is in the bag, never look at the document again. It's done its job, right?

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