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Despite this, 40% of small businesses don’t have one, and 21% of Australian small business owners say they don’t have time to write one.
Writing a business plan will force you to look at your product or service objectively and understand your strengths as well as your weaknesses.
Any potential investor will want to know what they’re getting themselves into, how their money will be spent and whether or not you will be capable of pulling it off.
“As Market Analysis assumptions are proven and new information becomes available, the plan evolves.
Start-up business plans are highly speculative because the business is unproven.” On the other hand, a well-established business has the validity of years of experience and can develop a more detailed plan from the start.
Even if you end up enlisting the help of a professional business consultant, you’ll still need to be closely involved in the planning and writing process, so here are some of the most important ways a business plan can help you succeed.
You probably already know who you’ll be targeting with your product or service, but without a business plan you won’t fully understand how you fit into the market, what your priorities should be and the challenges you might face.
A business plan can have a number of different purposes, so before you begin writing and researching, you should know why you’re writing it and what you hope to accomplish with it.
“The challenge for most business plans is to clearly and specifically identify what the plan's purpose is and what it is not,” says Boyer.
Learning how to write a business plan can make the difference between a successful start-up and a failed venture, but not all business owners and entrepreneurs recognise the importance of having one.
A survey by NAB (National Australia Bank) found that one third of Australian small businesses fail because they don't have a business plan.