The layout of a business plan is not an area where great imagination and creativity is needed or recommended. It should be a more or less straightforward task to layout or outline your plan, using industry standard practices which funders have become familiar with through thousands of plans.
Business Planning opens up valuable opportunities for businesses. Its importance is often underestimated, but good plan or design can bring some significant business benefits.
Importance of Business Planning:
Planning of business offers serious benefits for everybody in business. It is a fundamental tool & is necessary for a start-up that needs a sense of direction.
£ When you plan your business right, you can get a clear picture of the business as a whole.
£ As a start-up, you need to create an identity & focus on building that identity. It is usually defined by your target market, and the products & services you are tailoring to match their needs.
£ Set priorities in terms of importance and allocate your effort.
£ When you plan your business effectively, you can check your assumptions; track your progress, allowing you to adjust accordingly.
£ You can constantly review your business plan in terms of what you expect & what eventually happens.
Business Plan & Taxation
Because preparing for inevitable is a crucial part of business plan, your new venture is to address all tax liabilities and regulatory requirements.
Ben Franklin equipped that “death & taxes are the only certainties in life”.
These days, he may have added regulations. You first need to know what those requirements are for your particular enterprise.