Why is a business plan needed?

A business plan is needed to provide a detailed roadmap for a company’s strategy, direction, and decision-making process. It helps secure funding by demonstrating the viability and potential return on investment to investors and lenders. For businesses in Canada, a well-crafted plan also aids in understanding the market, setting realistic goals, and measuring progress. It’s crucial for aligning team efforts, managing risks, and adapting to changes in the competitive landscape. Essentially, it’s the foundation for starting, managing, and growing a successful business.