GBSLEP

Business Plans

What is a business plan

A business plan is a good way to sum up:
  • the customer need you’re aiming to meet
  • how your business will meet that need while making a profit
It should clearly show the results of your customer research, and that you’re able to explain how you can turn your idea into a viable business before you invest lots of time and money.

Your plan can also be a very helpful tool to convince other people of the value of your business. This includes potential partners and sources of funding.

Why you need a business plan

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan helps you to:
  • clarify your business idea
  • spot potential problems
  • set out your goals
  • measure your progress
You’ll need a business plan if you want to secure investment or a loan from a bank.

It can also help to convince customers, suppliers and potential employees to support you.

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