Your business plan serves many purposes. A good business plan defines your product or service, encapsulates your mission and vision, articulates your value proposition, establishes your strategy, sets your objectives, addresses risk, and gives a realistic financial picture of your first 3 to 5 years in business.
A solid business plan is your best tool when it comes to wooing investors or applying for loans. It’s your way to show investors and lenders that you have a plan for implementing, sustaining, and growing your business, and that you’ll have no trouble paying them back.
Many people don’t think about this, but your business plan is also a highly useful resource for a lot of your other written material, like your website, business cards, investor deck, sales presentations, crowdfunding campaign, … you get the idea. Sections can also be used to inform professionals you work with, like attorneys, accountants, landlords, etc., at various stages in the business start-up phase.
Your business plan can be used in so many ways to support other areas of your business. Put in the work once and use it again and again.