what are the 3 main purposes of a business plan

What Are the 3 Main Purpose of a Business Plan?

A business plan is a critical document that outlines the roadmap for an enterprise. In this article, we will explore the three main purposes of a business plan that any entrepreneur should consider when drafting their plan.

Starting a business is an exciting venture – but it can also be a daunting one. A key part of success has a good business plan that outlines the goals and objectives of your company and helps guide you to success. But what are the three main purposes of a business plan? Read on to find out about the Purpose of a Business Plan.

Secure Funding

The primary purpose of a business plan is to secure funding. With funding, a business can operate and grow. Investors and lenders want to see a well-written business plan that clearly outlines the market opportunity, the competitive landscape, the team’s qualifications, and the financial projections. The business plan should also highlight the potential risks and how they will be mitigated. A well-crafted business plan can increase the chances of securing funding and help businesses negotiate better terms.

Guide Operations

The second purpose of a business plan is to guide operations. A well-crafted business plan provides a framework for decision-making and can help businesses stay on track. It outlines the business’s goals and objectives and the steps needed. It also provides a blueprint for the sales and marketing strategy, including the target market, positioning, and pricing. A business plan can help a company focus on its core values and mission. In case you want to register your business get in touch with Vakilsearch.

Evaluate Progress

The third purpose of a business plan is to evaluate progress. A business plan serves as a benchmark for a company’s performance. It outlines the key performance indicators (KPIs) a business needs to track to determine its success. The business plan should also outline the milestones and timelines for achieving the KPIs. By monitoring progress, a business can identify areas for improvement and make necessary adjustments to stay on track.

Benefits of a Business Plan

A business plan is key to achieving success in any venture. It provides clarity, direction and a road map for reaching your goals. It can help you determine the assets, resources and opportunities available to you and the potential challenges that may arise. A business plan also allows you to share your vision with others, so they understand what it will take to start, launch or move your venture forward. 

There are three main purposes of a business plan: 

1) Establishing executive leadership – Your business plan should outline your strategy for leading and managing your venture according to industry best practices. 

2) Securing financial support – With a professional and accurate plan, you can secure funds from investors or lenders who want proof of your progress and potential profitability.

3) Researching better opportunities – By researching current trends and market conditions, you can ensure that your venture takes advantage of all possible growth opportunities. A well-drafted plan can show potential customers why they should choose you.

In summary, a well-written business plan can serve three main purposes: securing funding, guiding operations, and evaluating progress. A business plan can make it easier to achieve its objectives and attract investors or lenders. As such, entrepreneurs should consider developing a comprehensive business plan that addresses these three purposes. Vakilsearch will always help you register your business and company compliance and trademark & patent departments.

Also, Read:

• Business Ideas to Help You to Turn Your Start-Up Business
• Turn Your Startup Business Dream into Reality
• Why A Business Plan Is Important ?

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What are the 3 main purpose of a business plan

April 5, 2022 by Tsosie

A business plan is vital for a company’s growth. It helps the company run smoothly and is essential for getting investment. It helps determine the marketing and sales plans, manufacturing processes, and website design. A business plan is essential for private investors and financial institutions to invest in your company. They want to see a realistic projection for their capital return. A business model is the road map to success.

A business plan also helps you gain insight into the market, the industry, and competitors. You will need to do extensive research to find the best strategy and best products. A business plan will help you attract investors as well as evaluate your competitiveness. A business plan is an invaluable tool that you can use in the event that you need financial assistance. However, a business plan isn’t a necessity. It is simply a good idea to develop a solid and detailed plan.

A business plan is a detailed document that outlines the strategy behind your business. It should include your goals and how you plan on achieving them. It should also include financial projections and a timeline. A business plan will also provide a clear understanding of where the company wants to go. It can also be a reminder about what you want for the business. If you are a new start-up and need some help, a well-written and comprehensive guide will be beneficial.

A business plan is vital for new businesses. It assists entrepreneurs in determining the amount of capital needed to succeed. It also lists milestones and details how to achieve them. A well-written plan for your business will guide you to success. Investors and other stakeholders will also benefit from the information in a businessplan. It will be easier to raise capital for your business if you have a well-written, detailed and researched business plan.

A business plan describes the goals, activities, and objectives of a new company. It also identifies the market. The objective of a business is to create customers. A well-written business plan is a valuable asset for the future. A business plan is a vital tool for any new company. It is important to know the market. It is important to know where your customers are in order to stay competitive.

A business plan is a tool to attract investors and executives. It provides a written record of the goals of a company and helps them assess if they are the right fit for the company. It will help potential investors to understand how to finance the project by giving a clear vision of the future. A business plan is the first step to starting a new business. You should understand the purpose of your new business before you start thinking about opening it.

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20 Reasons Why You Need a Business Plan in 2023

Written by Dave Lavinsky

What is the Purpose of a Business Plan?

The purpose of a business plan is to provide a clear roadmap for the company’s future. It outlines the vision, goals, and strategies of the business, guiding entrepreneurs and stakeholders in understanding its operations and objectives. A well-crafted business plan helps attract investors and funding by showcasing the potential for profitability and growth.

Top 20 Reasons Why you Need a Business Plan

1. to prove that you’re serious about your business.

A formal business plan is necessary to show all interested parties — employees, investors, partners and yourself — that you are committed to building the business. Creating your plan forces you to think through and select the strategies that will propel your growth.

2. To Establish Business Milestones

The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you’d certainly share the news that you launched your new website or reached $1M in annual revenues.

3. To Better Understand Your Competition

Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company’s competitive advantages. And if you don’t currently have competitive advantages, to figure out what you must do to gain them.

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4. To Better Understand Your Customer

Why do they buy when they buy? Why don’t they when they don’t? An in-depth customer analysis is essential to an effective business plan and to a successful business. Understanding your customers will not only allow you to create better products and services for them, but will allow you to more cost-effectively reach them via advertising and promotions.

5. To Enunciate Previously Unstated Assumptions

The process of actually writing the business plan helps to bring previously “hidden” assumptions to the foreground. By writing them down and assessing them, you can test them and analyze their validity. For example, you might have assumed that local retailers would carry your product; in your business plan, you could assess the results of the scenario in which this didn’t occur.

6. To Assess the Feasibility of Your Venture

How good is this opportunity? The business plan process involves researching your target market, as well as the competitive landscape, and serves as a feasibility study for the success of your venture. In some cases, the result of your planning will be to table the venture. And it might be to go forward with a different venture that may have a better chance of success.

7. To Document Your Revenue Model

How exactly will your business make money? This is a critical question to answer in writing, for yourself and your investors. Documenting the revenue model helps to address challenges and assumptions associated with the model. And upon reading your plan, others may suggest additional revenue streams to consider.

8. To Determine Your Financial Needs

Does your business need to raise capital? How much? One of the purposes of a business plan is to help you to determine exactly how much capital you need and what you will use it for. This process is essential for raising capital for business and for effectively employing the capital. It will also enable you to plan ahead, particularly if you need to raise additional funding in the future.

9. To Attract Investors

A formal business plan is the basis for financing proposals. The business plan answers investors’ questions such as: Is there a need for this product/service? What are the financial projections? What is the company’s exit strategy? While investors will generally want to meet you in person before writing you a check, in nearly all cases, they will also thoroughly review your business plan.

10. To Reduce the Risk of Pursuing the Wrong Opportunity

The process of creating the business plan helps to minimize opportunity costs. Writing the business plan helps you assess the attractiveness of this particular opportunity, versus other opportunities. So you make the best decisions.

11. To Force You to Research and Really Know Your Market

What are the most important trends in your industry? What are the greatest threats to your industry? Is the market growing or shrinking? What is the size of the target market for your product/service? Creating the business plan will help you to gain a wider, deeper, and more nuanced understanding of your marketplace. And it will allow you to use this knowledge to make decisions to improve your company’s success.

12. To Attract Employees and a Management Team

To attract and retain top quality talent, a business plan is necessary. The business plan inspires employees and management that the idea is sound and that the business is poised to achieve its strategic goals. Importantly, as you grow your company, your employees and not you will do most of the work. So getting them aligned and motivated will be key to your success.

13. To Plot Your Course and Focus Your Efforts

The business plan provides a roadmap from which to operate, and to look to for direction in times of doubt. Without a business plan, you may shift your short-term strategies constantly without a view to your long-term milestones. You wouldn’t go on a long driving trip without a map; think of your business plan as your map.

14. To attract partners

Partners also want to see a business plan, in order to determine whether it is worth partnering with your business. Establishing partnerships often requires time and capital, and companies will be more likely to partner with your venture if they can read a detailed explanation of your company.

15. To Position Your Brand

Creating the business plan helps to define your company’s role in the marketplace. This definition allows you to succinctly describe the business and position the brand to customers, investors, and partners. With the industry, customer and competitive insight you gain during the business planning process, you can best determine how to position your brand.

16. To Judge the Success of Your Business

A formal business plan allows you to compare actual operational results versus the business plan itself. In this way, it allows you to clearly see whether you have achieved your strategic, financing, and operational goals (and why you have or have not).

17. To Reposition Your Business to Deal with Changing Conditions

For example, during difficult economic conditions, if your current sales and operational models aren’t working, you can rewrite your business plan to define, try, and validate new ideas and strategies.

18. To Document Your Marketing Plan

How are you going to reach your customers? How will you retain them? What is your advertising budget? What price will you charge? A well-documented marketing plan is essential to the growth of a business. And the marketing strategies and tactics you use will evolve each year, so revisiting your marketing plan at least annually is critical.

19. To Understand and Forecast Your Company’s Staffing Needs

After completing your business plan, you will not be surprised when you are suddenly short-handed. Rather, your business plan provides a roadmap for your staffing needs, and thus helps to ensure smoother expansion. Importantly your plan can not only help you understand your staffing needs, but ensure your timing is right as it takes time to recruit and train great employees.

20. To Uncover New Opportunities

Through the process of brainstorming, white-boarding and creative interviewing, you will likely see your business in a different light. As a result, you will often come up with new ideas for marketing your product/service and running your business. It’s coming up with these ideas and executing on them which is often the difference between a business that fails or just survives and one that thrives.

Business Plan FAQs

What is a business plan.

A business plan is a document that details your business concept and strategy for growth.

A business plan helps guide your company's efforts and, if applicable, gives investors and lenders the information they need to decide whether or not to fund your company. A business plan template helps you to most easily complete your plan.

Why Do You Need a Business Plan?

A business plan provides details about your company, competition, customers and industry so that you make the best possible decisions to grow your company.

What is the Importance of a Business Plan?

The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding ) and lenders.

Why is a Business Plan Important to an Entrepreneur?

Business plans help entrepreneurs take their visions and turn them into tangible action plans for success.

About Growthink

Since 1999, Growthink’s business plan experts have assisted more than 4,000 clients in launching and growing their businesses, and raising more than $2.5 billion in growth financing.

Need help with your business plan? 

Speak with a professional business plan consultant from our team.

Use our simple business plan template .

Check out our business plan examples .

Or, if you’re creating your own PPM, you can save time and money with Growthink’s private placement memorandum template .

Learn more about us via our Growthink Business Plan Review page

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Would you like to know the quickest and easiest way to create a winning business plan?

And how to use it to raise funding, improve your strategy, or both?

Well, we’ve developed the ultimate business plan template to help you do this. Simply click below to learn more.

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University of Nevada basketball could have a new home in 3 years under a major casino expansion plan

The University of Nevada’s basketball team could have a new off-campus home by 2026 under an ambitious 10-year expansion plan that Reno’s largest hotel-casino has in the works

RENO, Nev. -- The University of Nevada’s basketball team could have a new off-campus home by 2026 under an ambitious 10-year expansion plan that Reno’s largest hotel-casino announced Wednesday.

The estimated $1 billion private capital investment will be the biggest in the city's history, according to officials of the Grand Sierra Resort and Reno Mayor Hillary Schieve.

In addition to the new 10,000-seat sports, concert and special events arena, the expansion plans for the 140-acre (57-hectare) property include a new 800-room hotel tower, 300 “affordable” riverfront residential units to help address workforce housing shortages, a golf center and Las Vegas-like water shows in addition to other upgrades, the company said.

“The vision is to transform GSR into a destination where community, sports and entertainment come together,” resort owner Alex Mereulo, who also is the majority owner of the NHL’s Arizona Coyotes, said during a news conference Wednesday.

Mereulo and University of Nevada President Brian Sandoval confirmed they've been exploring a partnership for some time between the resort and the basketball team, "which could make the arena their home beginning with the fall 2026 season.”

They said no public money will be involved in the financing.

“The investment will be at least $1 billion,” Mereulo told a crowd of more than 100 at the formal announcement Wednesday in a nightclub just off the casino floor as a dozen Nevada cheerleaders cheered. “This will be the home of the Wolf Pack.”

The new arena would cover approximately 300,000 square feet (27,871 square meters), including suites and premium hospitality clubs. A rendering of the arena indicated it would be built in the parking lot of the existing hotel-casino.

Sandoval, a 1986 Nevada graduate who served two terms as governor before he was appointed university president in 2020, said the school is "excited to explore the opportunity to partner with Alex Mereulo and Grand Sierra Resort as they develop a state-of-the-art arena and entertainment district that is unprecedented in Northern Nevada.”

“It will create what I think is the greatest sports venue in the country,” Sandoval said.

In an interview with the AP prior to the news conference, Sandoval reflected on how college sports have changed: When he was a student, casino advertising was prohibited at sports venues, even in Nevada, where gambling has long been legal.

“I think there’s been a recognition that sports betting has proliferated throughout the country and that it’s regulated strictly and appropriately, and you can have this balance between the gaming industry and college sports,” he said.

Nevada basketball coach Steve Alford told the crowd the arena would have a huge impact on recruiting.

“Now, as we get into a new era of basketball and how we go about doing our business, with the NIL (Name Image Likeness), with the transfer portal, to be able to sell this on top of our community, on top of our university, it just puts us at a whole ‘nother level. It’s a whole ‘nother student athlete that we’re going to be able to get into homes and talk to,” Alford said.

Nevada Athletic Director Stephanie Rempe told reporters a lot of work already has been put into examining the partnership and one of the next steps will be to brief the state Board of Regents, which would have to sign off on any final agreement. But she said she's confident the deal will come together.

“Do I think it's going to happen? Absolutely,” Rempe said. “But we can't get ahead of ourselves in the process. We need to make sure all the i's are dotted and the t's are crossed and the right people who make final decisions about the university are well versed and supportive. And we'll continue to see how that plays out."

Nevada, of the Mountain West Conference, has played its games on campus at the 11,500-seat Lawlor Events Center since the center opened in 1983. Before that, the Wolf Pack played in a convention center south of downtown.

The 2,000-room resort, located along Interstate 80 a couple miles from the main downtown casino drag, boasted the largest casino floor in North America when it opened as the MGM in 1978. It later flew under the banners of Bally's and the Reno Hilton. It's been the Grand Sierra Resort since 2006, and under control of Mereulo's current ownership group since 2011.

Schieve said the historic investment would be a “true game changer for our community ... a massive win for our citizens, a win for the University of Nevada and a win for tourism.”

The investment would be the biggest in a Reno casino property since the Silver Legacy, at an estimated cost of $230 million, opened in 1995. A shopping mall project that's partly opened and remains in the works has an estimated price tag of $600 million.

Last year, Las Vegas hosted Sweet 16 games for the NCAA basketball tournament at T-Mobile Arena on the Vegas Strip. But before that, the NCAA Tournament had avoided Nevada altogether because sports gambling is legal here. The governing body for collegiate athletics even had a policy prohibiting its championship events from being played in Nevada.

With legal sports betting spreading across the country, the NCAA now has no qualms about crowning its champions in Las Vegas. Others include hockey’s Frozen Four in 2026 and the Final Four in 2028.

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Government shutdown updates: Latest news on odds of a government shutdown. How it affects you

This story has been corrected to clarify the U.S. Postal Service is not affected by a possible government shutdown and workers would be paid normally during a government shutdown.

WASHINGTON−Congress has three days to cut a deal and prevent a government shutdown that would impact millions of Americans.

As of Wednesday morning, lawmakers have made little progress towards averting a crisis that would hit homes across the country Oct. 1 .

While it wouldn't be as far reaching as the debt ceiling threat in late May, a shutdown would deeply impact Americans who need the most help: newborns who rely on WIC for infant formula, children who need nutrition assistance, low-income families who rely on Head Start programs for preschool, college students who receive federal grants to pay for their education, people who receive food stamps and more.

As lawmakers continue to fight on Capitol Hill, the country they serve is bracing for a government shutdown that would delay and disrupt American life.

Here’s the latest on the government shutdown fight, where lawmakers are and how it affects you.

How does the government shutdown affect me ?

Millions of Americans would be impacted by a government shutdown.

Federal workers would be furloughed without pay. "Essential" federal workers, such as those who work for the Federal Aviation Administration, would work without pay − but would receive backpay once a shutdown ends. Numerous subcontractors would be out of work and would not receive backpay.

The impact would stretch far beyond federal workers though. It would also be felt in millions of homes across America.

Here are some ways a government shutdown would impact your family:

• Funding for WIC − the Special Supplemental Nutrition Program for Women, Infants, and Children − would stop immediately
• Food stamp benefits through the Supplemental Nutrition Assistance Program would remain intact in October but could be impacted after that
• Children from low-income families would lose access to Head Start preschool programs
• College students could see delays in their student loans
• The Food and Drug Administration would delay nonessential food safety inspections
• The Occupational Safety and Health Administration would limit its work
• Travelers could see delays with receiving passports
• National parks could close
• The Federal Emergency Management Agency (FEMA) would have no money for disaster relief

−Candy Woodall

U.S. Postal Service not affected by a possible government shutdown

The Postal Service is an independent entity generally funded by the sale of its products and services − not tax dollars − and it will not be impacted by a government shutdown, USPS said in a statement. Because it's not impacted, employees will be paid normally.

"Postal Service operations will not be interrupted in the event of a government shutdown, and all Post Offices will remain open for business as usual," the statement said.

Biden says government shutdown not ‘inevitable,’ urges House Republicans ‘do their job’

President Joe Biden said Americans need House Republicans to “do their job” as he held out hope Wednesday that a government shutdown can be avoided before the end-of-week deadline for congressional action.

“I don’t think anything is inevitable in politics,” Biden said, speaking in San Francisco at the president’s Council of Advisors on Science and Technology, which recommends federal policy on science and technology.

Biden said a government shutdown would impact “vital work in science and health” including cancer research and food-safety policies. 

“The American people need our Republican friends in the House of Representatives to do their job: Fund the government,” Biden said.

– Joey Garrison

Will military get paid in October?

Military pay for millions of active-duty service members and reservists could dry up with a government shutdown – a major difference between the current threatened shutdown and previous recent suspensions of non-essential spending.

“Military personnel will not be paid until such time as Congress appropriates funds available to compensate them for this period of service,” the Defense Department said in a September memo to Pentagon leaders preparing for a potential lapse in spending.

But the department said personnel would continue working regardless. Federal workers are traditionally reimbursed for lapses in funding once Congress agrees to resume spending, but the lapse in paychecks can be difficult for staffers without savings.

“Military personnel on active duty, including reserve component personnel on Federal active duty, will continue to report for duty and carry out assigned duties,” the department said in a Sept. 12 announcement in preparation for a shutdown.

The government has about 1.3 million active-duty service members and 800,000 reservists.

−Bart Jansen

Will a government shutdown affect flights?

The deepest impact  would not be on your flight or cruise .

Funding to agencies like the Federal Aviation Administration, Transportation Security Administration and Customs and Border Protection  would be on hold . However, the agents who you typically interact with at airports and seaports, and the controllers who oversee your flights  are considered essential and will be working without pay during the shutdown .

Impacts on those agencies have more to do with things like hiring and training. All the crucial safety functions like inspections and air traffic control continue.

Consular operations in the U.S. and internationally will also continue normally “as long as there are sufficient fees” collected to support them, according to the  most recent guidance  from the State Department. “This includes passports, visas, and assisting U.S. citizens abroad.”

There could be economic repercussions, though. A government shutdown is estimated to cost the country's travel economy as much as $140 million per day, according to an  analysis  for the U.S. Travel Association.

− Zach Wichter and Nathan Diller

Would a government shutdown affect Social Security?

Social Security recipients  will continue to receive checks  in the event of a government shutdown and Medicare benefits will not be interrupted. 

However, employees in the Social Security Administration are likely to be furloughed and government food assistance benefits could see delay.

A few services that are  not directly related to  Social Security payment benefits and direct-service operations would be temporarily suspended.

−  Marina Pitofsky and Sudiksha Kochi

Will a government shutdown affect food stamps and WIC?

The Supplemental Nutrition Assistance Program , commonly known as SNAP, will continue for at least the month of October, Secretary of Agriculture Tom Vilsack said in a press briefing Monday. But he warned that “if the shutdown were to extend longer than that, there would be some serious consequences to SNAP.”

Funding for the Special Supplemental Nutrition Program for Women, Infants, and Children − better known as WIC − will stop “immediately when the shutdown occurs,” he said. 

The U.S. Department of Agriculture has a contingency fund that may extend the program for a day or two, and some states may have leftover WIC benefits not spent that could extend the program for a week or so in that state.

“But the vast majority of WIC participants would see an immediate reduction and elimination of those benefits, which means the nutrition assistance that’s provided would not be available,” Vilsack said. 

−Sudiksha Kochi

What happens to the IRS in a shutdown?

The IRS may have to partially close starting this weekend if there is a government shutdown.

While the agency initially said it would be able to continue operations and pay employees through a shutdown, the IRS reversed course last week, telling the National Treasury Employees their new contingency plan would include some furloughs.

Millions of Americans are still waiting for their tax refunds from the last filing season, and there is concern a shutdown and IRS closure would escalate this backlog.

− Savannah Kuchar

What is the deadline for the government shutdown?

The U.S. government will shut down at 12:01 a.m. Sunday, Oct. 1 if lawmakers don't pass a continuing resolution or a federal budget by Sept. 30. 

The continuing resolution, a stopgap measure that would temporarily fund the government while lawmakers work to pass a comprehensive budget, would prevent a shutdown from occurring on Oct. 1. 

Speaker Kevin McCarthy, R-Calif., said the House will vote Friday on a continuing resolution, but it's unclear if it has enough votes to pass.

Does a government shutdown affect state employees?

A shutdown  could impact state employees  whose employers depend on federal funds to operate and must shut down certain activities that the government has deemed non-necessary.

In this case, certain state employees could be furloughed until a shutdown passes. 

But state employees who receive salaries from private employers who do not rely on federal funds wouldn’t necessarily be impacted.

-Sudiksha Kochi

How does a government shutdown affect the stock market?

While a potential shutdown isn’t expected to have much of an impact on the stock market , experts say it has contributed to the S&P 500's more than 5% dip so far this month, to 4,275.

It's “one of the reasons why you've seen the market weaken,” according to Marc Zabicki, chief investment officer of LPL Financial. But after the potential shutdown begins, “I don't know that you're going to get any stark reaction from asset markets come Oct. 2 next week. I think it's already largely been built into prices.”

While the looming shutdown is contributing to the recent market dip, it’s not the only driver. 

September is also a historically weak month for stocks, according to Jeffrey A. Hirsch, CEO of Hirsch Holdings and editor-in-chief of the Stock Trader's Almanac.

Meanwhile, there are a "lot of other items going on" that are affecting the market, including higher interest rates, looming student loan payments, the United Auto Workers strike , rising oil prices and more, according to Howard Silverblatt, senior index analyst for S&P Dow Jones Indices 

“We're in a very volatile time now," Silverblatt said.

There have been six partial or full government shutdowns since 1990. While some were resolved in less than a week, the most recent in late 2018 and early 2019 lasted over one month. 

When looking at the S&P 500’s median performance one month after the shutdown compared with one month prior, the benchmark gained a median of 5.5% with positive returns five out of six times, according to a Wednesday note from Bespoke Investment Group co-founder Paul Hickey .

“Like the people that occupy the chambers of Congress, past shutdowns have been a lot of sound and fury signifying nothing,” the note reads. 

In other words, the looming shutdown is "more of a headline event than a bottom-line event," according to Sam Stovall, chief investment strategist at CFRA Research. Past shutdowns, he said, left "angered tourists more than disappointed traders."

A Sept. 13 Wells Fargo report led by global strategist Gery Schollberg and analyst Jennifer Timmerman notes that while the S&P 500 tends to sag before and through the early part of longer shutdowns, “it did not take long for stocks to regain composure after the government reopened in each instance.”

“This time, however, a shutdown risks aggravating other potential body blows to the economy … leaving stocks more exposed to volatility and to extended weakness.”

The report's authors said they believe a shutdown, if it does occur, has the potential to last at least a few weeks because of hardened positions in an increasingly polarized Congress .

"The longer it goes, the more difficult it will become economically and also from an asset market perspective," Zabicki of LPL said, adding that Washington's polarization "increases the risk that something could go wrong."

However, he said recent history shows that "these are typically not long-lasting events.”

− Bailey Schulz and Daniel de Vise

What is a government shutdown?

A government shutdown means all federal agencies and services officials don’t deem “essential” have to stop their work and close their doors.  

Some of those essential services include the U.S. Postal Service delivering mail and people receiving Medicare and Social Security benefits. Those will continue whether or not the government shuts down.  

But so-called “non-essential” work can still have significant impacts for federal employees and Americans across the country. Thousands of federal workers would be furloughed, government food assistance benefits could be delayed and some food safety inspections could also be put on pause.  

– Marina Pitofsky  

What is the meaning of furloughed?

A furlough occurs when an employee is required to take a mandatory and temporary unpaid leave of absence from their work. An employer can furlough employees to cut back costs or manage operations during a potential government shutdown .

A furlough is different from a layoff, which are permanent terminations in which employees can’t return back to work. 

When would a government shutdown start?

A government shutdown would start Sunday if lawmakers cannot pass a federal budget or stopgap measure by Sept. 30. 

The stopgap, known as a continuing resolution, would prevent an Oct. 1 shutdown by temporarily extending government funding.

−Savannah Kuchar

' Are we going to shut down this weekend? I believe we will'

A government shutdown , some Republicans say, is inevitable at this point given the time crunch Congress is facing and the gridlock between lawmakers.

McCarthy has committed to voting Friday on a stopgap bill to keep the government open, but even if House Republicans pass it along party lines, it’s a non-starter with the Democratic-controlled Senate.

When asked if the two chambers could reconcile their differences ahead of the Sept. 30 funding deadline, Rep. Steve Womack, R-Ark., a senior appropriator, told reporters, “We all know the answer to that: No, there’s not enough time.”

“Are we going to shut down this weekend? I believe we will and I think conventional wisdom should tell you that,” Womack added. He said he hopes lawmakers could have an “epiphany” and avert a shutdown in the waning days.

Senate blames fractured House GOP caucus for looming government shutdown

Senate Majority Leader Chuck Schumer, D-N.Y., said on the Senate floor Wednesday morning that McCarthy is aiming for a government shutdown by adhering to ultraconservatives in his party.

He encouraged the House speaker to work in a bipartisan way to pass a stopgap measure in the lower chamber and said the California lawmaker has “twisted himself into pretzels” to “avoid his responsibility of governing.”

“Every bill House Republicans have pushed has been partisan. Every C.R. has been aimed at the hard right and every path they’ve pursued to date will inevitably lead to a shutdown,” Schumer said.

McConnell echoed Schumer’s call for bipartisanship, saying on the Senate floor Wednesday that shutting down the government “isn’t an effective way to make a point." For Congress to move forward on unresolved funding priorities, they must avert a shutdown, he said. 

− Rachel Looker

What's the probability of a government shutdown?

Hold off on placing any bets. If lawmakers in the House and Senate can reach a compromise by Sept. 30 on a dozen bills that would fund the government, a shutdown is off the table. Congress could also pass a temporary measure to keep the government funded, known as a continuing resolution.

But both of those options are unlikely as of Wednesday afternoon. Lawmakers haven’t agreed on all 12 bills they would need to pass, and a group of conservative House Republicans have insisted on hardline spending cuts that have no chance of passing in the Senate, which is currently controlled by Democrats.

Last week, House Democrats and moderate Republicans appeared to start working on a fallback plan, but it’s not clear the rare bipartisan push would receive enough support to dodge a shutdown.

– Marina Pitofsky

What are the 12 appropriation bills?

In order to fund the government, lawmakers must pass 12 appropriations bills – each tailored to a specific government function.

The appropriations bills are handled by their respective subcommittees in both the House and Senate Appropriations Committees. For example, the House Appropriations Subcommittee on Defense steers the Defense spending bill, which provides funding for the Department of Defense and other related activities.

In previous years, Congress passed an “omnibus” package – a massive bill combining all 12 appropriations bills into one piece of legislation. The change this year is among the concessions House Speaker Kevin McCarthy made to hardline conservatives in his bid for the job in January when he promised to pass all 12 bills separately.

Hard-right lawmakers have argued a vote on each bill would allow for more transparency in the spending process. But with three days left before a government shutdown, it is virtually impossible for Congress to pass all 12 bills in time considering the House has only passed one of the 12 and the Senate hasn't passed any.

The only likely resolution to avert a shutdown is a short-term stopgap measure to keep the government open and buy lawmakers more time to move through the appropriations process.

Latest updates on the government shutdown

GOP lawmakers emerged from a closed-door weekly conference meeting Wednesday, deriding the Senate’s version of a temporary funding bill for its lack of border security provisions. It's the major sticking point for most House Republicans in the government shutdown fight who say any funding measure must include border security language.

“The Senate is going to have to realize that the House is not going to move something that doesn't have border security at its core,” Rep. Dusty Johnson, R-S.D., a key negotiator and chair of the centrist Republican Main Street Caucus, told reporters Wednesday morning.

But House GOP requests for an aggressive border security package have almost no chance of passing the Democratic-controlled Senate. That's why Johnson and other Republicans are pinning the blame on Democrats for refusing to cede to their demands even though the House has been consumed by GOP infighting for the past weeks in spending negotiations.

“If they’re not willing to accept that fact, they are standing in the way of us funding this government,” Johnson said. 

What would happen if the government shuts down?

In a government shutdown , all federal agencies that are not "essential" — think U.S. Postal Service, Medicare and Social Security — would stop work.

This means thousands of federal employees would be on furlough and Americans would go without government benefits such as food and housing support.

Air travel will be generally spared: Air traffic controllers and TSA agents will continue working, though without pay. Travelers may also contend with longer wait times and flight delays.

How long would the government shutdown last?

Government funding is set to expire on Oct. 1. How long a potential shutdown would last depends on how soon the House and Senate are able to pass a new appropriations plan that President Joe Biden signs.

The length of past  government shutdowns have varied,  lasting from five days to 21 days. 

Rep. Matt Gaetz, R-FL., said on Fox News’ “Sunday Morning Futures” that if the departments of Labor and Education "have to shut down for a few days as we get their appropriations in line, that’s certainly not something that is optimal.”

“But I think it’s better than continuing on the current path we are to America’s financial ruin,” Gaetz said. 

How long was the last government shutdown?

The last government shutdown lasted from  Dec. 22, 2018  to  Jan. 25, 2019 . Spanning 35 days, it was the longest government shutdown in U.S. history.

It was also the third federal shutdown to occur during the Trump administration; the first  lasted three days  in January 2018, and the second lasted only a few hours in  February 2018 .

−Olivia Munson

Government shutdown history chart

Over the last five decades, there have been  21 federal shutdowns :

• 1976 : Under President Gerald Ford. Lasted for 11 days.
• 1977 : Under President Jimmy Carter. Lasted 12 days.
• 1977 : Under President Carter. Lasted eight days.
• 1978 : Under President Carter. Lasted 17 days.
• 1979 : Under President Carter. Lasted 11 days.
• 1981 : Under President Ronald Reagan. Lasted two days.
• 1982 : Under President Reagan. Lasted one day.
• 1982 : Under President Reagan. Lasted three days.
• 1983 : Under President Reagan. Lasted three days.
• 1984 : Under President Reagan. Lasted two days.
• 1984 : Under President Reagan. Lasted one day.
• 1986 : Under President Reagan. Lasted one day.
• 1987 : Under President Reagan. Lasted one day.
• 1990 : Under George H.W. Bush. Lasted four days.
• 1995 : Under President Bill Clinton. Lasted five days.
• 1996 : Under President Clinton. Lasted 21 days.
• 2013 : Under President Barack Obama. Lasted 17 days.
• 2018 : Under President Donald Trump. Lasted three days.
• 2018 : Under President Trump. Lasted several hours.
• 2019 : Under Trump. Lasted 35 days .

-Olivia Munson

Why Moody's says a government shutdown could hurt U.S. credit rating

The country’s credit rating could face additional pressure if the  government shuts down  next week,  according to a new report from Moody’s Investors Service .

While a short-lived shutdown would not impact government debt service payments and isn’t expected to disrupt the economy, Moody's said it would “underscore the weakness” of U.S. institutional and governance strength compared to countries with similar credit ratings.

“In particular, it would demonstrate the significant constraints that intensifying political polarization put on fiscal policymaking at a time of declining fiscal strength,”  Moody's report reads .

If the potential shutdown does drag on, it would "likely be disruptive both to the US economy and financial markets," although Moody's notes that any government shutdown is more likely to be brief and concentrated in areas with a large government presence, like Washington, D.C.

−  Bailey Schulz

Does Congress get paid during a shutdown?

Members of Congress will still get paid during a government shutdown. Some lawmakers however, have introduced bills in the past to withhold pay for lawmakers during a shutdown. Rep. Angie Craig, D-Minn.,  introduced legislation doing just that last Wednesday.  

“I’m introducing legislation to block Member pay during a McCarthy shutdown, because it’s ridiculous that we still get paid while folks like TSA workers are asked to work without a paycheck,” Craig said in a statement. 

Their staffers however, will not receive pay. Like other federal employees, Congressional staffers and aides considered essential work without pay and receive their paychecks retroactively after the shutdown ends.

Majority of Americans want Congress to prevent government shutdown: poll

A Monmouth University poll released Wednesday found over 60% of Americans want Congress to compromise to avert a government shutdown. Americans polled reported they do not feel President Joe Biden or lawmakers from both sides of the aisle are looking out for Americans. According to the poll , 43% of Americans would hold Republicans most responsible for a shutdown. Others, 27%, place the blame on Biden while 21% are pointing fingers at Democrats.− Rachel Looker

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University of nevada basketball could have a new home in 3 years under a major casino expansion plan.

Scott Sonner

Associated Press

Copyright 2023 The Associated Press. All rights reserved

The University of Nevadas basketball team could have a new home at an off-campus arena by 2026 under an ambitious 10-year expansion plan Renos largest hotel-casino has in the works at the Grand Sierra Resort, pictured in this photo taken Wednesday, Sept. 27, 2023 in Reno, Nev. Officials for the Grand Sierra Resort said Wednesday the nearly $1 billion capital investment planned over a decade would be the biggest in Reno history. (AP Photo/Scott Sonner)

RENO, Nev. – The University of Nevada’s basketball team could have a new off-campus home by 2026 under an ambitious 10-year expansion plan that Reno’s largest hotel-casino announced Wednesday.

The estimated $1 billion private capital investment will be the biggest in the city's history, according to officials of the Grand Sierra Resort and Reno Mayor Hillary Schieve.

In addition to the new 10,000-seat sports, concert and special events arena, the expansion plans for the 140-acre (57-hectare) property include a new 800-room hotel tower, 300 “affordable” riverfront residential units to help address workforce housing shortages, a golf center and Las Vegas-like water shows in addition to other upgrades, the company said.

“The vision is to transform GSR into a destination where community, sports and entertainment come together,” resort owner Alex Mereulo, who also is the majority owner of the NHL’s Arizona Coyotes, said during a news conference Wednesday.

Mereulo and University of Nevada President Brian Sandoval confirmed they've been exploring a partnership for some time between the resort and the basketball team, "which could make the arena their home beginning with the fall 2026 season.”

They said no public money will be involved in the financing.

“The investment will be at least $1 billion,” Mereulo told a crowd of more than 100 at the formal announcement Wednesday in a nightclub just off the casino floor as a dozen Nevada cheerleaders cheered. “This will be the home of the Wolf Pack.”

The new arena would cover approximately 300,000 square feet (27,871 square meters), including suites and premium hospitality clubs. A rendering of the arena indicated it would be built in the parking lot of the existing hotel-casino.

Sandoval, a 1986 Nevada graduate who served two terms as governor before he was appointed university president in 2020, said the school is "excited to explore the opportunity to partner with Alex Mereulo and Grand Sierra Resort as they develop a state-of-the-art arena and entertainment district that is unprecedented in Northern Nevada.”

“It will create what I think is the greatest sports venue in the country,” Sandoval said.

In an interview with the AP prior to the news conference, Sandoval reflected on how college sports have changed: When he was a student, casino advertising was prohibited at sports venues, even in Nevada, where gambling has long been legal.

“I think there’s been a recognition that sports betting has proliferated throughout the country and that it’s regulated strictly and appropriately, and you can have this balance between the gaming industry and college sports,” he said.

Nevada basketball coach Steve Alford told the crowd the arena would have a huge impact on recruiting.

“Now, as we get into a new era of basketball and how we go about doing our business, with the NIL (Name Image Likeness), with the transfer portal, to be able to sell this on top of our community, on top of our university, it just puts us at a whole ‘nother level. It’s a whole ‘nother student athlete that we’re going to be able to get into homes and talk to,” Alford said.

Nevada Athletic Director Stephanie Rempe told reporters a lot of work already has been put into examining the partnership and one of the next steps will be to brief the state Board of Regents, which would have to sign off on any final agreement. But she said she's confident the deal will come together.

“Do I think it's going to happen? Absolutely,” Rempe said. “But we can't get ahead of ourselves in the process. We need to make sure all the i's are dotted and the t's are crossed and the right people who make final decisions about the university are well versed and supportive. And we'll continue to see how that plays out."

Nevada, of the Mountain West Conference, has played its games on campus at the 11,500-seat Lawlor Events Center since the center opened in 1983. Before that, the Wolf Pack played in a convention center south of downtown.

The 2,000-room resort, located along Interstate 80 a couple miles from the main downtown casino drag, boasted the largest casino floor in North America when it opened as the MGM in 1978. It later flew under the banners of Bally's and the Reno Hilton. It's been the Grand Sierra Resort since 2006, and under control of Mereulo's current ownership group since 2011.

Schieve said the historic investment would be a “true game changer for our community ... a massive win for our citizens, a win for the University of Nevada and a win for tourism.”

The investment would be the biggest in a Reno casino property since the Silver Legacy, at an estimated cost of $230 million, opened in 1995. A shopping mall project that's partly opened and remains in the works has an estimated price tag of $600 million.

Last year, Las Vegas hosted Sweet 16 games for the NCAA basketball tournament at T-Mobile Arena on the Vegas Strip. But before that, the NCAA Tournament had avoided Nevada altogether because sports gambling is legal here. The governing body for collegiate athletics even had a policy prohibiting its championship events from being played in Nevada.

With legal sports betting spreading across the country, the NCAA now has no qualms about crowning its champions in Las Vegas. Others include hockey’s Frozen Four in 2026 and the Final Four in 2028.

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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WHAT ARE THE THREE MAIN PURPOSES OF A BUSINESS PLAN

Creating a business plan is not an easy task. It can only be made simple or effective if it’s been worked upon by a professional. Ultimately, getting your thoughts down on paper will prove invaluable for obtaining start-up funding but its shows you are on the right path to get the required fund for your business and thus, the potential future success of your enterprise. 

A business plan is used to help manage a business by stating ambitions, how they will be achieved, when they will be achieved. The plan will also help to summarize what the business is all about, why the business exists, and where it will get to. Your business plan will serve as a key point of reference for investors, partners, employees, and management to measure the progress in your business. Before you write your business plan, it is important to understand the main purpose of writing it. Below are the three major purposes of writing a business plan.

• ESTABLISH A BUSINESS FOCUS

A detailed business plan will help you as the owner to establish a plan for the future. These plans should include goals and how your business will reach each step. The process of creating a road map to your goals will determine the business focus and pursue growth.

A detailed plan will help you as the owner of the business to manage your business effectively. It is good to know that writing down and illustrating both your ideas and tactics will establish a path and course of action, hence, creating something concrete to monitor and assess the progress of the business. This will enable you to have a focus and make further plans for the future. However, you need to understand what you focus on; as an entrepreneur, when writing a business plan, you are defining exactly what your business is today, and what it’s going to be tomorrow. This arrangement concerning the purpose of your business and the direction you are heading to is invaluable.

A business plan is a plan for action, by giving your business focus; you now have a focus and target to shoot both in the short and long term. These targets/goals also mean that you can adjust and correct if you realize that you need to make some changes in order to meet those objectives.  When you establish a business focus, it will help you with the following:

• Clarity of idea

In your business plan, once you establish a focus, you would have clarity of idea about the business, i.e., what you specifically want to do and why you want to venture into that kind of business. For example, an entrepreneur who seeks to venture into a fashion hub can get a clearer vision of ideas from H&M or Versace. This also helps to draw inspiration from mother companies or respectable brands in society.

• Distinct your Business from Competitors’

A business plan that is well-tailored helps you to know your likely rivals in the industry. Here, you need to know that if you fail to create a powerful and distinctive difference for your customers, your product and services will be viewed as the same as your competitors. Hence, create a system that will make your product different from your competitors. Also, having a business focus, you must strive to market with a different in other to outsmart your competitors. If your sales process is so dynamic that your prospects (potential customers) see you and your vision irresistible, it renders your competitors irrelevant in the industry.

Read Also: HOW DO I WRITE A SMALL SCALE BUSINESS PLAN

• SECURE FUNDING

In business, one of the most important things you should include in your business plan is how to attract investors, banks, or other lenders. To this end, it is important for you to have a well-researched business plan. Investors want to know how you operate your business, what your revenue and expenses projections are? And importantly, how they will receive a return on their investment? While you are carrying out this research, you will be exposed to important trends in your industry, and also help you provide answers to questions, such as what is the size of the market for your products/services? What are the greatest threats to your industry?

Creating a business plan will help you to gain a wider, deeper, and more detailed understanding of your market. It will allow you to use this knowledge to make decisions.

In addition, in order for your business to grow, you need support, which requires injection of funding from outsiders (investors), unless you have a huge amount of money to finance your business to the highest level. More often than not, as a growing business, you probably won’t have enough customers and thus, limited cash to finance your business. You need to have a working capital requirement and thus, you need some funding that may currently be beyond the reach of your business. Basically, you will have to approach the potential sources of finance, and part of the requirements is for you to prepare attractive statements in your business plan. Investors want to know that you know what you are doing. A business plan can often be seen as the most important document you can present to investors that will provide the structure and confidence that they need to make decisions about funding and supporting your business.

• ATTRACT EXECUTIVES

As your business grows, you will likely need to add executives to your team. A business plan helps you attract executive talented individuals and determine whether or not they are a good fit for your business. To attract and retain a top-quality, a well-detailed business plan is necessary. The business plan inspires employees and with a good management team, the business is poised to achieve its strategic goals. Importantly, as the business is growing, your employees will do most of the work. So, getting them aligned and motivated will be important for your business to succeed.

Also, a business plan is written to give a glimpse of the team’s productivity. It shows a great level of performance that uses the lowest inputs to create more outputs. It can be expressed as the ratio of the output to the inputs in the production process. This will help you in decision making; whether to increase or reduce the number of people that work with you.

If you need a service of a Professional Business plan writer, then Dayo Adetiloye Business Hub is the place to go Call or WhatsApp us now on 081 0563 6015, 080 7635 9735 or send an email to [email protected]  and we will solve any of your business plan problems.

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Contact us today for your business consultancy and business advisory services. We can help you fine-tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write a business plan and help with fundraising strategies and Grant applications. We can help you start, grow, and expand your business.

Call or WhatsApp us now on 081 0563 6015, 080 7635 9735 or send an email to day[email protected]  and we will solve any of your business problems.

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