Choose the plan that is right for you
There are two types of Business Plans:
- Internal Business Plan: Solely used as a business tool for management purposes to set out clear objectives for the business and to highlight future possible developments within the business.
- External Business Plan: Used to raise finance, to value a business for sale or purchase, to find or retain a business partner, or establish a strategic alliance with other businesses.
The Business Plan is a Management Tool irrespective of business size and serves four critical functions:
- It helps to clarify, focus and research the development of the business.
- It provides a framework for the business strategy to be undertaken in order for the business to develop.
- The document can be used as a basis for the discussion with third parties who have either a potential or an existing interest in the business such as shareholders, banks or other investors.
- It sets goals and objectives against which actual performance can be measured and reviewed.
If you are seeking outside support, such as finance from a bank or financial institution then this plan is probably your most important Sales Tool that you will ever produce.
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