A business plan is a blueprint of your business. It is an essential tool to complete if you are starting a new business or if you are applying for finance for your new business.
If you are starting a business, it is essential to consider completing a business plan to commence planning and for putting processes into place including staffing requirements, marketing requirements and finances. It is necessary to complete a business plan if you want to apply for a business loan or to engage investment from business partners.
The business plan for the internal audience (business owner and staff) is a guide on the goals and processes and explains how they will be reached. For external audiences such as investors, banks and other funding bodies it is a way to communicate the plans you have for your business.