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Effective business planning can be the key to your success.A business plan can help you secure finance, prioritise your efforts and evaluate opportunities.
In it's simplest form, a business plan is a document that outlines the basics about your business, products, and services; the market you are targeting; the goals you have for your business; and how you will achieve those goals.
A business plan is one of several important plans you should have when you are starting a business, the others being a marketing plan and a financial plan.
The next question to consider is what type of plan is the best fit for your small business.
There are actually many types of business plans, including start-up plans, internal planning documents, strategic plans, operations plans, and business plans created to focus on growth.
Creating a business plan will take you undivided time and attention, but there are business planning tools available to help streamline the process, many of them available for free.
There are templates available, including a simple business plan template and a traditional business plan template.
It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.
There are no rules about what your plan should cover or the level of detail.
You can download our business plan template and guide to assist you to complete your plan.
If you are thinking about starting a small business, you most likely already know what a business plan is and have heard that you need one.