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Q.Why should I prepare a business plan?

A.A business plan is a written summary of what you hope to accomplish by being in business, how you intend to organize your resources, and a road map for operating your business and measuring your progress along the way. While you may not need a business plan, creating one may make the difference between success and failure.

For a small business to succeed, it owners need to know where the company is heading and how it will get there. Although creating a business plan is a tedious task, it forces you to set goals, determine the resources you will need to meet your goals, and to foresee otherwise unforeseen problems. Creating a written business plan also enables you to:

  • identify the amount of capital, or outside investment, required and when the capital or more capital will be needed;
  • better manage the business as you will be able to concentrate your efforts on deviations from the plan before conditions become critical;
  • look ahead and avoid problems before they arise; and
  • identify your customers, your market, your pricing strategy and the competitive conditions under which you must operate to succeed, which can often leads to the discovery of a competitive advantage or new opportunity as well as deficiencies in your business plan.

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Copyright 1999-2018 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.