Businesses at any stage in their life cycle can benefit heavily from creating and implementing a business plan.
Not only is a business plan there to map out your goals and aspirations, but also to identify any financial risks and operational challenges you may encounter.
According to research conducted by Fundsquire, 20% of small businesses fail in the first year, and around 60% fail within the first three years of trading, while CB Insights discovered:
• 29% fail because they ran out of cash
• 18% fail because of pricing and cost issues
• 17% fail due to a lack of a business model
• 14% fail because of poor marketing.
A business plan will usually outline strategies to avoid all of these issues – that’s why it’s important to create a thorough plan as early as possible in your business journey.
Here are some things you should include and what your business plan can do for you.