Business Plan or no Business Plan?

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Whether you are thinking about starting your own business, or you already have your own company, you may wonder if you should write a business plan or not.

When assisting our clients with this particular matter, we have 2 types of business plans: formal and informal.

What is a business plan?

A business plan is a written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.

It also describes the nature of the business, background information on the organization, financial projections, and the strategies the business intends to implement to achieve the stated targets.

In its entirety, this document serves as a road map that provides direction to the proposed business.

If you want to borrow money or find investors, a formal business plan will be mandatory. The document will be lengthy and contain many graphs and charts.

Beyond the length of the document, the primary goal of a business plan is to assess the feasibility of a company/service/product.

A business plan is never a bad idea

Even, if you are not looking for financing, a business plan will make you brainstorm and analyze the following points:

• Product or service: what am I offering? Is there a demand of it?
• Competitors: who are my competitors? where are they located? what are they offering? what prices are they charging?
• Customers: who are my customers? where are they located? what are their buying habits?
• Selling/pricing proposition: how much am I going to charge for my product/service? how am I going to promote and sell it?
• Costing: how much will it cost to create my products? What other expenses will I have? How much do I need to sell to break-even? To make a profit?

A Business Plan is flexible and evolving

A business plan is never a static, final document. You can revisit and update it as necessary.

Business plans can be time-consuming to write. If you need one and don’t have the time to write it, please call us at 604-546-1535 or visit our website. We can assist you with this…and more.

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