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(i) It is a financial tool: - provides vital business information on the viability of the proposed
business to a prospective financier as a basis for deciding whether or not to advance the
entrepreneur a loan.
(ii) It is a blue-print: - it is a guide for a starting, operating and expanding a business.
(iii) A Business Plan reduces fire-fighting: - a Business Plan will help anticipate problems
and decisions on how they can be avoided determined. The business owner is saved the
problem of solving every other problem as it occurs.
(iv) A Business Plan forces owners to justify their plans of action: - i.e decisions will be
made on the basis of proven validity and logical reasoning or explanation, rather than on how
things ‘sound’ or ‘feel’.
(v) A Business Plan tests ideas on paper: - e.g, it will be possible to prove the profitability of
a business or otherwise rather than waiting to start the business and see it fail.
(vi) A Business Plan indicates the owners ability and commitment: - any potential financier
to the business will judge the owners ability to start and operate the business successfully
from the quality of the Business Plan presented (testimony).
Kavungya answered the question on April 24, 2019 at 06:35
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