A business plan is a document created to help the owners of the business outline how they intend to operate their day to day business activities. It is a business guide and communication tool. It tells investors, bankers and sponsors how resources can be put into a business.
A business plan has a quality of living long after it has been created. It is a living document that could be changed and evolves along with the business. It clearly communicates what the business operator intends to do, how they will achieve it, and what milestones are needed to measure performance. This is what Tom Harris talks about in his book “A Practical Guide to Starting and Running a New Business” (Springer, 2006).
Harris gives a financial model created by a team or a group of individuals with common objectives and goals, but someone has to take charge of its production. A business plan is an essential tool and requires ongoing adjustments as the business develops. It has no qualities of remaining static. Changes are made as the business discloses its operations. It is updated often as knowledge of market expands. Its ownership remains a property of the whole team.
Kosiyae was born in Turkwell, Turkana County, Kenya into a polygamy family, in a pastoralism setting and began school at age 10. He holds a Diploma in Journalism and Media Studies, and Public Relations, and has a Certificate in Early Childhood Education. Kosiyae is currently studying for his Bachelor of Arts in Communication, with an emphasis in Mass Communication. He loves writing.
One can finance his business from his own savings, a loan from financial institution, or from investors or shareholders. The plan should demonstrate clearly all aspects of the proposed business. Be sure to know exactly how much is required, and for what purpose. It helps to assure investors that their funds will be used effectively. Planning will not only help you gain the money you need to borrow but even in planning and utilizing your own money wisely.
Book Excerpt
A Working Business Plan: How to Write a Working Business Plan
One can finance his business from his own savings, a loan from financial institution, or from investors or shareholders. The plan should demonstrate clearly all aspects of the proposed business. Be sure to know exactly how much is required, and for what purpose. It helps to assure investors that their funds will be used effectively. Planning will not only help you gain the money you need to borrow but even in planning and utilizing your own money wisely.
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