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And established businesses often need money, too, to do things such as buy new equipment or property, or because of market downturns.
Viable businesses are dynamic; they change and grow.
The company's original business plan needs to be revised as new goals are set.
In the growth phase an updated business plan is useful for forecasting or raising additional capital for expansion, and if you decide to sell or close the business the business plan can include strategies and timelines for the transfer to new ownership or dissolution of the company.
Here are five good reasons why you should write a business plan when starting a new business.
A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.
Read about the finance options available for businesses on the Business Finance Guide website.
Download a free business plan template on The Prince’s Trust website.
You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances. Get detailed information about how to write a business plan on the Start Up Donut website.
Our business plan structure is even taught at top universities, such as Princeton and Rice.
Simple - the business plan is the blueprint for your business.