Friday, January 1, 2010

Do You Really Need a Business Plan?

A common question you will get asked if you are starting or expanding a small business is…
Do you have a business plan?

You may ask… what “is” a business plan and why do I need one?

In short … a business plan is a written document describing your business start-up or expansion… including production, marketing, management and financial plans

So, why should you bother writing a business plan?

Reason number one: to convince “yourself” that your start up or expansion plans will succeed
Reason number two: to convince others…..including potential lenders, investors, partners, advisors, and employees

and finally…
... your business plan is your best management tool…
…by continually reviewing and adjusting your plan… you’ll stay on track to reach your goals… and it will help you focus on the big picture while tending to the day to day details of operating your business.
… businesses that have a plan stand a greater chance for success than businesses that don’t!

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