A business plan gets used during the founding
A business plan is fundamental for the successful start of a company.
It serves as a basis for future entrepreneurs as well as for potential business partners and investors. Moreover, it provides information on the planned business activities. It also serves as evidence of sound market analysis and competitiveness to third parties.
for strategic planning
A business plan can also be used as a tool for strategic planning in the ongoing business. In particular, in the case of realignments and restructurings or the introduction of further products or services, it serves as a guide and proof of the in-depth search. So again it is helpful for the entrepreneur and potential business partners.
to increase the leverage
If a company wants to increase its leverage, the business plan is the main pillar of the discussions. Future joint ventures, investors, or banks will use this for decision-making. In this case, the business plan must be geared precisely to this goal, to convince the investors of the idea and, of course, also of the entrepreneur.
or to monitor business success!
Of course, a business plan can also be used as an instrument for monitoring success. Because a business plan defines different levels of activity, progress can be overseen. It is therefore clear at an early stage whether the desired progress will be made and whether further measures should be taken if necessary.