From idea to business plan

That is what a business plan is in a nutshell. Time to examine it in detail so you can get to work drawing up a business plan of your own.

Having a business plan is not only extremely useful for yourself but for third parties as well. Just think of all those credit institutions who may be willing to back you up financially.

Having a plan means providing structure

A business plan must be drawn up in a systematic and structured manner. It makes you reflect on all aspects of your business. This way all your choices and decisions are well-considered and well-founded. And you will see that your business plan is very coherent, turning your idea into a strong concept with clear objectives.

Knowledge

The business plan also gives you an insight into the market you’re about to enter. It also reflects trends and evolutions in the sector and it defines your target group.

Risks and opportunities

Problems can easily be avoided by evaluating whether your product or service is good enough, by developing a strong strategy and having adequate financial resources. But you knew that already. Establishing such a business plan can bring to light new opportunities that you can capitalise on.

Feasibility

Your business plan immediately reveals whether or not your plan is feasible and you can increase your profitability or profit by tweaking your concept.

Check. Check. Check.

You can’t do enough checking. By checking your objectives on a regular basis you can adjust your strategy if necessary.

Now you know what a business plan is and why it is so important. It’s not a simple piece of paper but the raison d’être of your business and an interesting tool to convince potential money lenders.

We wish you the best of luck drawing up your business plan!

You will find all information on https://ondernemingsplan.unizo.be/

Source: UNIZO
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