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C. Business Plan

A business plan is a written document which describes who you are, what you plan to achieve, where your business will be located, when you expect to get under way, and
how you will overcome the risks involved and provide the returns anticipated. Business plans are a recognized management tool used by successful and/or prospective
businesses of all sizes to document business objectives and to propose how these objectives will be attained within a specific period of time.

Why prepare a plan?

  • Provides an outline of your short term and long term business goals
  • Helps to identify your customers, your market, your pricing strategies and the competitive conditions under which you must operate to succeed.
  • Identifies the amount and type of financing or outside investment required.
  • Makes it easier for a lender or investor to assess you and your proposal.
  • Improves your ability to manage your business.
  • Encourages realism.

MBEC suggests the following resources to help you prepare a business plan: