How to build a business plan

1 min read

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.

Read more on How to build an effective business plan here: 

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