The importance of a business plan

The importance of a business plan

Business Development

Carlos Garcia

Carlos Garcia

16 Nov 2021, 06:00 — 2 min read

Business Plans serve as the foundation for any future endeavor for your business. To understand its importance, most of the time businesses would make a business plan and then just park it; it is subject to a revisit, maybe on an annual basis just to track and see where your business has been through since incorporation. This may sound tedious and time consuming at first but it reaps its rewards in the long-run.

 

It is not always profit and sales that you would need to empower in your line of business, you should also focus and find out if the transaction in front of you is in line with your company's core values and principles.

Doing business entails a lot of risks. Committing mistakes are an essential part of doing business and there may be a loss associated with it. But, if you're right about your decision; win big, and make up for that mistake. - Enrique Razon

 

You may present your business plan to future investors and partners. It is not always your marketing or sales that would do the trick. The business plan would also serve as your pitchbook. It shows what you want to accomplish, what your objectives and returns are, what you are going to promise your financiers, how would you keep up with credit, and so on. These questions are really crucial especially when you are going to onboard a partner or an investor.

 

Understanding a business plan is very important to you and your organization. It is not always profit and loss, but to also why you are doing what you're doing today and in a way you can best serve your customers.

 

To explore business opportunities, link with me by clicking on the 'Connect' button on my profile.

 

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Comments (2)

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Carlos Payumo Garcia

I'm Carlos P. Garcia. A Landlord and Business Development and Leasing Administrator of a Mercantile Leasing (Private Market) Business. I am offering stalls for lease to...

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