A good Business Plan: what is it and why do you need it?

By Monolith | Monolith Insight | 5 Jul 2020

What is a business plan?

A business plan is a written document that contains the most important and necessary keys to carry out your project and manage it.

A good business plan should answer questions like the following:

  • What does your project or business idea consist of?

  • Who will be the target audience?

  • How do you plan to put it into practice?

  • Who will carry the idea into practice?

  • How much will it cost?

  • What benefits can you get?

Why do it?

Planning is essential to reduce the risk of failure and avoid the waste of resources and efforts, which consume both money and time.

Carrying out a project successfully without making a business plan is like traveling to an unknown place without a map. You may end up in a totally different place, or in the best case, you would reach the goal much later than you expected.

A business plan is the cover letter of our business idea, which gives us credibility with third parties, such as banks, our potential investors and our future clients. Let's remember that building trust is the first step towards the success of your company.

To start creating your business plan with the best quality, we recommend that you read first: https://articles.bplans.com/how-to-write-a-business-plan/

Monolith, signing off.

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Monolith Insight
Monolith Insight

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