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What is the need of Business Planning?

Ashish M. Shaji

| Updated: Mar 05, 2017 | Category: Business Plan

Business Planning

You have a powerful idea/ business plan for the next big thing, but before you sell it to anyone, you have to get it all down on paper.  It’s time to have a proper business planning. We have made a perfect blueprint to plan your business with step by step guidance.

Why do you need a business plan?

The most effective business plans are dynamic documents that evolve when your business grows and changes. These plans are essential for following reasons:

  • Raising funds;
  • Managing business;
  • To communicate vision to your employees and investors.

Points to consider when you are starting a business

The following points are critical before you commence your business:

  • Turn your ideas and capital into a viable business;
  • Secure funding from angel investors and VCs;
  • Identify the Strength, Weakness, Opportunities and Threats. (SWOT Analysis)

Points to consider when managing start-up business

The following points are critical when managing start-up business:

  • Communicate your vision to your employees and external parties;
  • Develop accurate financial forecasts and set goals;
  • Compare your planned with actual performance.

How to grow your business?

Growing your business requires considering the following elements:

  • Raise capital from angel investors, VCs, Private Equity Funds[1] to expand;
  • Create a strategy to manage the growth and generate more profit;
  • Make the best use of the opportunities available and mitigate risks.

How to exit your business?

Exiting your business requires:

  • Developing a plan to transfer the ownership;
  • Establishing a time line for the transition process;
  • Identifying the financial and regulatory requirements.

Conclusion

Hope that this post provides you a brief idea to initiate business planning and it can help you kick start your business.

business planning

Read our article:How can Business Plan Consulting Help Your Business Grow?

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Ashish M. Shaji

Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on criminal and corporate law. He is a creative thinker and has a great interest in exploring legal subjects.

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