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Business plan - Coggle Diagram
Business plan
Benefits of a business plan
Will be easier to hire staff because you know what you’re looking for
Makes customers feel more safe about the product they buy
investors can get inside information on your business.
helps appropriately allocate resource
Reduces risks of failing
get a better reputation
Investors will be more interested
can see problems easier that can happen in the future
Clear and straight forward
creates manageable goals
Guideline to show your next steps
Helps identify competition
Reliability to investors
Limitations of a business plan
Takes time away from the actual construction of the business which may lead to a competitor taking your ideas
Drastic environmental changes can effect the business plan, requiring a rewrite e.g. COVID-19
Restricting to a business
Not everyone knows how to write a business plan
May not be effective as investors may still refuse ideas even if the plan is solid
reluctance to change
Limitations of a business plan on paper: Paper business plans cannot be modified at your discretion and must be rewritten
Some people are limited in their ability to express themselves on paper
It reflects badly if not done well.
forces your hand in the way you have to run your business
Takes alot of time.