Importance of a Business Plan

A well written business plan forms the foundation for developing a competitive edge for the business. It informs a prospective business owner of what steps to focus on to ensure success in the new venture. As such, it allows there to be an easy way of identifying how to identify potential weaknesses in the entire business layout and as such, eases the process of error fixing. As Ingram and Spooner (2004) put it, it is an effective means of rallying internal and external support. It is a document that business owners can use to communicate their ideas to the internal parties and the outside world especially to people such as angel investors and other forms of funding (Honig and Karlsson, 2004). Important stakeholders such as markers and production planners to help them get on board. As such, it will act as the glue to keep the team together and a means to light the way; it clarifies the direction of the business. In essence, it is a means to attract team members, financing, good management, and also a means to share the future vision. 


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Honig, B., & Karlsson, T. (2004). Institutional forces and the written business plan. Journal of Management, 30(1), 29-48.Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse, 64(44), 40-41.

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