A business plan is a written document used to describe your business. The sections of a business plan are fairly standard, so you can find lots of help from those that have gone before you.
Each section in a business plan has a specific purpose. Certain sections can be as short as one page. For example, a plan for a small, simple business may be as short as 8-10 pages. Be assured, though, that each step of this process can be relatively painless and ultimately quite rewarding.
Many business people, however, do not write or use business plans. Do you suppose that the guy running the local TV repair shop wrote one? Do you think your beautician wrote one? Well, if they received an SBA loan, then they did. Sure, you can do business without a plan, but consider the benefits of knowing where you’re going. Most businesses that fail have no written business plan, while many studies have shown that those companies with business plans have a higher probability of success.
People write business plans for a variety of reasons, the most important (although this is usually left unstated) is to be taken seriously. If your business cannot be taken seriously, then you will not achieve your purpose. The most common reason for writing a business plan is to obtain funding. See below for some more common reasons for writing a business plan.
- Attracting key employees into your company
- Convincing key suppliers to give you credit
- Creating a brochure for a business broker to use in selling your company
- Presenting your business to investors, key suppliers and other vendors
- Designing a prospectus to sell stock in your company
- Attracting business partners and forming strategic alliances
- Ensuring that all company employees have a common goal
- Collecting your thoughts on how to run the business (this helps to monitor progress and make course corrections when necessary)
Why does your business need a business plan? Does it?
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