The business plan

Abstract

One of the most important steps in establishing any new business is the construction of a business plan. It can help the owner-manager to crystallise and focus his ideas. It can help him set objectives and give him a yardstick against which to monitor performance. Perhaps of more immediate importance, it can also act as a vehicle to attract any external finance needed by the business. It can convince investors that the owner-manager has identified high growth opportunities, and that he has the entrepreneurial flair and managerial talent to exploit that opportunity effectively, and that he has a rational, coherent and believable programme for doing so.