By Thorsten Scholz at January 13 2020 02:08:35
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.
It could be, for example, the risk of a change in the economic environment - what are your contingency plans for that in terms of dealing with such a situation? There may be many other risks as well specific to your particular sphere of operation, but that ability to plan ahead for all scenarios makes for a robust business plan.
I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
A good business plan would document short-term and long-term goals of the business and establish specific tasks for achieving theses goals. Planning is the process that never ends for a business and is extremely important in the early stages of the business. However, business planning and is extremely important in the early stages of the business.