If you are looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. Even excellent business ideas can be useless if you cannot formulate, execute and implement a strategic plan to make your business idea work. A large number of business funding experts support the idea that having a good business plan is not enough.

Of course, not everyone agrees with that. Many are reluctant to have their plan written down and there are numerous articles online claiming that the business plan is dead or irrelevant. While a business plan is essential to entrepreneurship, not every entrepreneur sees the need for one. Benjamin Franklin once said, 'If you fail to plan, you are planning to fail.' ( Benjamin Franklin). A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives. A business plan is a very important and strategic tool for entrepreneurs.

Small business management pdf