Business plan in Malaysia
BUSINESS PLAN IN MALAYSIA
“If you do not have plan of your business means you are out of destination. ” The answer is YES. Having a business plan is important when deciding to open a business. It is basically a document that illustrates your plans and goals for the business. It is extremely important to find the right consultant or expert in guiding you about the business which are accordance with the Malaysian law. Not only that, in Malaysia, if an investor is planning to acquire loan in a bank, they may require a business plan. The people working in the bank will analyze the business plan before handing out the loan. In addition to that, if you are looking to attract investors, you need a business plan to show them your plan and the expected Return of Profit. The top reasons on why a company needs a business plan in Malaysia are given below:
|1. To avoid big mistakes (As business plan in Malaysia)||
Nowadays, without a business plan, many young entrepreneurs fail and by the time they realize how important having a business plan is, it is too late. Often, these young entrepreneurs do not bother making a business plan as they think that it is unnecessary until one day, they realize that they did not have enough capital to reach their plan or goals. Having a business plan will assure that everyone in the company is aware of the goals and plans.
|2. To counterbalance emotions (As business plan in Malaysia)||
These feelings occurs when a person is feeling excited that they are not thinking straight. By thinking straight, it means that they lose sight of the reality and all they think about is their passion and many new business ideas. By having a business plan, it helps you focus on your objective and initial plan.
|3. Everyone in the company is on the same page (As business plan in Malaysia)||
By having a business plan, you can make sure that everyone is on the same page or same direction as you in the business or towards reaching your main goal.
|4. To develop a safety plan (As business plan in Malaysia)||
It is important to set your list of priorities in terms of goals, mission and performance. Besides that, it is a safety measure as well. For instance, what if this idea does not work, what should they change to improve or keep the business going. Without a business plan, the company will surely not have a proper instructions or manual to follow if the company starts losing.
|5. To raise capital (As business plan in Malaysia)||
No matter whom you plan to take a loan from, family, friends or financial institution, showing your business plan to them is the best way to communicate. It is also a way of trying to convince them to lend you the loan to start the business. It is to assure them that they will be getting their money back as well.
To summarize everything, preparing a business plan plays an important role in order for the business to function or operate. It ensures that the plan will be played out accordingly. The goal or mission of the company will be easier to accomplish by setting it up in the business plan.
Q & A
- Can you make a business plan yourself?
Yes you can. However make sure you have done your own personal research before planning it.
- Can I make a business plan for an existing business?
Yes you can. It will help your current employees know better about the companies plan. In addition, it can help plan the financial well at the same time.
- Can I make a business plan if my business is currently growing?
Yes, you definitely can. This will help you raise capitals and it can help you create ways or strategy to manage your business growth.
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