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Starting a business is a noble yet daunting task. If you’ve ever tried it, you’ll know that it’s mostly a trial-and-error process – usually with many tears along the way. But that process can be an immensely rewarding one, if done conscientiously.
One of the first things to do is to create a business plan. The business plan gives you time to crystallise the purpose of the business and to see whether it’s feasible in taking on. It also helps to identify who will be doing what and how you will go about doing it. According to Forbes, your business plan should have the following details:
Something often overlooked during this process is how the business will react in the event of business operations being interrupted unexpectedly – by a power-outage, for instance. To help show that you are prepared for these things, add the “business continuity” aspects into your business plan:
But business plans are not only for start-ups. Let’s not forget that running a business is no walk in the park either. Companies on the lookout for a cash injection, a corporate merger, or general improvement will also need a business plan to illustrate the company’s goals for the foreseeable future. If the business is in a good position, the chances are better that funding will be granted. However, there are no guarantees. In the case of an existing business, having a solid business continuity plan helps to show that the business can weather unexpected changes. The business plan will include aspects of the continuity plan (as mentioned above) to help illustrate the security of everyday operations should something go awry.
The security of the business plays a big role in whether potential investors will regard the company as favourable or not. Regardless of whether your company is new or established, showing that you can survive the unexpected will only bode well for negotiations.
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