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UNDERSTANDING THE DRAFTING PROCESS OF A BUSINESS PLAN

When starting a business, understanding the drafting process of a business plan is crucial for an entrepreneur. While writing, be it academic or organization, there is a sequence that guides a desirable result. In businesses, this comes in handy when writing reports, budgets, or even a business plan. The writing process is as follows; prewriting, drafting, revising, editing and publishing. Prewriting is the first step that entails any activity that comes before a draft is produced, such as brainstorming. The drafting process, which is the second step, is highly crucial. For a business plan, a template exists; hence, the author is tasked with filling in his or her goals.

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THE STEPS FOR WRITING A BUSINESS PLAN

The drafting process of a business plan is crucial for creating a strong foundation for a venture. It gives a guide on how to start a business and maintain its smooth running effectively. A business plan format involves the following form. The first element is an executive summary that gives information about its mission, goals, and vision. The company description provides information about what the business aims to solve. Thirdly, the market analysis shows an in-depth picture of the surrounding market. Organization and management break down the leadership structure of the company. The other essential parts of the plan are product or service line, sales and marketing, funding request, financial projection, and the appendix.

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THE USES OF A BUSINESS PLAN BY ENTREPRENEURS

A business plan is beneficial to entrepreneurs for several reasons. The primary purpose of the plan is for sourcing for finance. An investor cannot put their resources into a given business without going through their business plan. It helps them in estimating the return on investments and the risks venture is like to face. Secondly, the plan acts as a security for bank financing. Therefore, the bank gauges the likelihood of loan clearance depending on the business plan. Thirdly, when forming alliances and partnerships, the other parties reach their decision by going through its business plan. The other uses of a business plan are recruitment, explaining the business, and miscellaneous benefits.

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