This process often leads to the discovery of a competitive advantage or new opportunity as well as deficiencies in your plan. By committing your plans to paper, your overall ability to manage the business will improve . You will be able to concentrate your efforts on deviations from the plan before conditions become critical. You will also have time to look ahead and avoid problems before they arise. The Business Plan establishes the amount of financing or outside investment required and when it is needed.
First impressions are important.
A well-organized plan makes it easier for the lender or investor to assess your financing proposal and to assess you as a business manager.