Secondly, a business plan can also be drawn up if the business is applying for funding, especially at banks. Here, the bank manager will want to discuss your business plan in-depth in order to assess the viability of your business being successful. Business plans can also be formulated as a tool for moving the business into the future. If the business is already running, and certain strategies, such as marketing and advertising strategies have changed, these need to be communicated in the business plan.
NOTE: Should the primary purpose of the Business Plan be for the raising of finance, each financial institution has a guideline as to their minimum requirements which need to be included in the Business Plan. Please consult each targeted financial institution before commencing the development of your Business Plan to ensure that you meet their minimum requirements.