Why Create A Business Plan

Why Create A Business Plan-47
The way Uber breaks down their market with a simple donut chart makes their biggest segment (a key takeaway) really stand out, while the subtler differences between the smaller segments are still evident.Another part of analyzing market potential is about identifying and understanding target customers.

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Use color to emphasize single important data points, differentiate between real and projected values, or group related data: Charts, tables, and diagrams should be used in a business plan to summarize and present research that backs up your ideas and strategies.

Wherever an investor might doubt the validity of a claim, it’s a good idea to include supporting data in the form of a summative visual.

Business plans need to be understandable at a glance to attract funding.

Don’t rely on investors dedicating time to dig into the details of your report.

Some lenders require a formal plan before extending a loan or line of credit.

Investors also want to see how you map out your strategy and goals.

While the SWOT matrix does have a place in the world of business communications, it’s not necessarily the best way to present your competitive landscape.

The SWOT matrix doesn’t make it easy to see at a glance the key characteristics that differentiate your business from your competitors.

Consider these five reasons why you should create a business plan.

First, a business plan can serve as a guide through your company's life cycle, from startup to growth to succession planning.

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