When you are starting out, your business plan can help you secure financing and investment. But your business plan does more than tell others what your plans are. A good business plan can help you test the feasibility of your new business idea, set operational and financial objectives, and make sure your business is manageable and effective.
You will need to revisit your business plan regularly as your business evolves and the business environment changes. These changes could include increased competition, advances in technology or the expectations of your customers.
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