A business plan is one of the most useful tools you have.

A business plan is one of the most useful tools you have.

No matter whether you are starting up or you are expanding your business, you need a proper business plan.

It will help you to figure out how much money you will need and make you think about where you will find it. Once you have identified your potential financier, you can prepare your plan around his requirements.

Your business plan should motivate financiers to support your business. Knowing what the potential financiers require puts you in better position to convince them that their interests will be covered.

You can always refer to your business plan to check if you are still on the right track or if you need to change direction.

It can also help you to adopt new ideas.

By looking back at your business plan you can determine if goals have been met. Preparing a business plan requires you to do research on your target market, which will help to make more informed decisions.