Some entrepreneurs will argue that a business plan has no place in executing a successful business, how true is that?

A business plan will remain a mere written document if it fails to function as a management tool or an investment tool.

A business plan is much more than an official document you prepare to increase your eligibility at securing grants or any other financial assistance.

Contrary to common belief, much as it is a primary tool that speaks to management, communication  and planning of the business activities, a business plan should not be a one-off document. It should be reviewed periodically to address the vagaries of the business environment and activities.

One thing a business plan is not, is a surety of success in business. While it is highly recommended, if not adequately prepared, covering sensitive grounds (vision, mission and value statement, financial projections, industry analysis e.t.c), it will be gathering dust in some office cabinet over time.

Use it as a guide in your operations and deliverables, and be sure to subject it to periodic reviews.

Pocketfuel Finance Limited

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