Whether it is insufficient market research, financial planning, management, lack of social media presence, website or something else, these mistakes all boil down to a lack of planning that can be traced back to the roots of your company: the business plan.
Before we detail how to write a business plan, we should figure out what a business plan is.
When first getting started, pay attention to those questions.
Your business plan must address them in a clear, concise, strategic, and realistic way.
In most scenarios, it is up to the founders of the company.
It’s important to remember that this is not a document for internal use only.
Your mission statement also says who you are, and talks about the strengths of you and your team.
This is where you, in part (and in brief), sell the features and benefits of your company.
In case there is something to change and improve, it’s high time to do it before the business plan of your company becomes implemented.
A business plan is integral in selling your company to potential investors and bankers.