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Not necessarily, but you might.
A Business Plan is a tool where management outlines what the company will do and how it plans to achieve its goals.
Continuing on with the discussion about TFSA's and RRSP's, we consider which one is best.
There is no single answer. It is not an either-or situation. Both plans have tax advantages, but some are greater than others, so it depends on your financial situation. You can use both plans if you have the capital to do so.
Plan for overall success - Not just for financing
Your business plan is as much of a road map of where you are going as it is to provide the information a lender will require before advancing funds to meet your needs. It serves both internal and external guidance. Internally, it will assist you in managing cash flow, capital expenditures and periodic issues. It is your crystal ball to guide your firm’s future. Externally it may include those who could be a part of your financial requirements, investors, a bank or your suppliers.