A good business model with a good business plan can ensure success. The business plan, which demonstrates how the business intends to succeed and grow, is the key component in raising financing. This can influence the ability of the business owner to obtain the desired financing. A business model reflects the structure of the business and how it is currently built. A flawed business model creates much difficulty for the business owner even with the greatest of efforts.
Many times a potential business owner cannot obtain financing without the business plan. The business model focuses on the architecture of the business and how the structure creates value. Most people conclude that the business plan and the business model are synonyms; however, the two concepts serve entirely different purposes and contain different studies or reports.
For more detailed information on business plans, call an NCH representative today at 1-800-508-1729.