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It is a question that every new startup owner must ask or she himself: Do I really need a business plan? Sure, there are a lot of small companies that operate without one company, but to give yourself the best chance of success, the answer to this question is simply yes, you need a business plan.
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In the UK, Barclays research indicates that nearly a quarter of small businesses have no agreed-upon strategy to support growth, while less than half have a formal documented business plan. When you consider that 50% of startups do not exceed the fourth year, you can see why each startup should give itself the best opportunity to navigate during those early years by providing the solid foundation that the business plan provides.
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Still not convinced? Then also keep in mind that companies failing, listed 46% the main reason for their downfall as inefficiency, and one of the main identified causes of inefficiency? Not planning, because planning naturally helps you identify weaknesses often early, which helps you determine what is needed to build your capabilities and develop the necessary skills in areas where you are weak.
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Several major failure factors, such as underestimating market importance, lack of focus, poor financial and market awareness, and uncoordinated strategy are all included in the list of key mistakes that management has made - and they can all be avoided by crafting a business plan that they all adhere to. Squares.

Initially, the business plan will serve as a road map for the first few years of your business life. But it could be so much more. There is no doubt that your business plan will evolve and will include many iterations, and therefore, it can be a tool that shows you and others not only the essential elements of your business, but also how to be an advanced thinker and miss an opportunity to constantly boost your business.

The business plan must be used to monitor progress, record accountability, attract potential investors, promote sales, and attract future employees, and again, to introduce new strategic developments all focused on ensuring that your business is always focused on growth. Opportunities to secure investment and grow your business have also greatly improved, as surveys have shown that companies that invest time in writing a business plan are more likely to get financing.