I mentioned that the 'writing of a business plan' as one of the pivotal steps involved in setting up a successful business. By now you should understand the need for writing a business plan. Writing a business plan, for a traditional brick and mortar business, will probably take a lot of time. It may take up to 100 hours or even more. For obvious reasons, a new business needs to carry out a lot of research before a business plan can even be developed.
The Importance of a Business Plan _ The success of a business starts with a business plan. The plan defines your business as to what it is and how you plan to achieve the goals of the business. It presents a clear picture of your business in terms of goals and objectives. The plan reflects how you plan to operate your business. How you plan to market your product or services. It provides a financial picture of the company. If you are looking for money to fund your business, you're going to need a plan for your business. When you go to borrow money, lenders and investors are going to want to see written documentation in a business plan of your financial situation. Why do they want to see this information? Lenders and investors want to see this information because they are the ones taking the risk in lending your business money.