A business plan is required by any business owner who is looking for investors or funding of the business
The business plan contains information that is useful to potential investors, including:
- looking for investors or funding of the business
- a background on the business,
- the strategic vision and goals of the business, and
- the financial projections detailing how the business will reach these goals.
Many business owners outsource the drafting of the business plan to professionals, the problem with this is that the business plan completed is not always an accurate reflection of the business owner’s vision. This can result in miscommunication of the business owner’s idea and may lead to potential investors or funders getting the wrong message. This type of miscommunication can lead to the decline of a funding application at commercial banks.
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