However, business planning is an ongoing process and it should be updated regularly to assist in forward planning, the challenge for the entrepreneur while preparing a business plan is to communicate his ideas and identify gaps in management information about their business, competitors and the market.
Obtain Feedback On Your Plan : When writing a business plan you sometimes end up locking yourself away. You might have unique ideas which lead you to seek some isolation and secrecy, or if you are going to be a sole trader you may only have one person to consult namely yourself. But it is fantastic to try and get broader input on your business plan - whether from a professional, or simply from friends and family whom you trust.
Before the preparing the plan, the entrepreneur should: Review previous business plans (if any) and their outcome. This review will help highlight which areas of the business have proved difficult to forecast historically. Be very clear as to objectives on which their plans will be based. Set out the key business assumptions on which their plans will be based.
A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.
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