LEGAL BUSINESS PLANNING
Creating an effective business plan cannot be overstated. Whether you are developing, restructuring, or acquiring a business, a plan of action is essential.
Generally, a business plan serves three functions:
- It is a chance for the owners/members of a business to engage in strategic planning and to refine the way in which operations will be implemented. This allows for exploration of potential consequences of different approaches to running the business. In addition, it helps establish the requirements—both financial and physical—of accomplishing the goals set forth in the plan.
- A business plan also serves as a benchmark for evaluating the performance of a new venture. This can reveal strengths and weaknesses within the plan and the organization overall. This also allows investors to monitor the performance of their investment.
- Finally, an effective business plan is necessary to secure funding. Any worthwhile investor or potential lender will want to ensure a successful and profitable future is achievable. This is shown through your business plan. Thus, among other important functions, the business plan expresses the organizations ability to operate efficiently, seize opportunities, overcome obstacles, and to realize earnings and generate returns.