A business plan is essential when starting a new business project, since it delimits and defines the overall strategy of the organization to achieve the objectives in a given time. The importance of a business plan is because it helps to conceive scenarios, quantify, prepare and take actions in case of failures.

It is a document that sets out the objectives of the venture, the actions to be taken in the short, medium and long term, technical, financial and technological considerations.

Our managing partner of the firm, Héctor Torres, advises that it is important to have a business plan, otherwise you would be taking actions blindly, it can lead to isolated and disorganized efforts that will threaten the sustainability of the organization.

“1 in 5 companies survives in the first few years. A business plan allows you to reduce the risk of failure of ventures and allows you to reduce the level of stress in the business that can lead to organizational problems,” explains Torres.

Every business strategy should have, at least, an executive summary, a description of the company’s outlook, a market analysis, a technical analysis with the physical requirements for its operation, the organization with its legal structure, human resources, expenses, and investment and financial analyses.

The legal area is one of the implications that businesses tend to neglect. But the truth is that having good legal advice is essential for a business plan to be implemented successfully.

Our expert explains that receiving legal advice can clarify doubts such as the legal formation and type of company of the venture, commercial, accounting and procedural aspects, drafting of incorporation documents, hiring and social security.

Likewise, it is not simply a matter of complying with the law, but of obtaining the best skills and knowledge of protection, prevention, negotiation and bureaucracy. All businesses are subject to legal regulations and processes from their inception throughout their life cycle, so it is important to have legal and expert support in these matters.

Torres Legal satisfies the needs for high quality legal services for the establishment of micro, small, medium and large companies. We provide our clients with the best resources and trained personnel to respond to the demands of the market.

READ MORE: The Tax Amnesty in El Salvador.