It Offers Solutions to Future Problems Coming up with a business plan gives you an opportunity to run through your business in advance, instead of just guessing things. Apart from revealing the potential profits of your business, a business plan also prepares you to handle whatever challenges that may arise. 2. It Communicates Your Purpose Communication is one of the main purposes of a business plan. According to the Small Business Administration, a business plan serves as a resume for your small business. You can share your business plan with prospective and new employees to help them understand the passion behind your business.
Ideal When Seeking for Funding Lenders will often want to look at your business plan in order to decide whether to approve or reject your loan application