What Is A Business Plan And Why Is It Important

What Is A Business Plan And Why Is It Important-80
The process of writing a business plan can do wonders to clarify where you've been and where you're going.Do you want to expand your business, be more competitive in your industry or achieve certain goals?

The process of writing a business plan can do wonders to clarify where you've been and where you're going.Do you want to expand your business, be more competitive in your industry or achieve certain goals?

In the growth phase an updated business plan is useful for forecasting or raising additional capital for expansion, and if you decide to sell or close the business the business plan can include strategies and timelines for the transfer to new ownership or dissolution of the company.

Starting a business without a business plan is just as risky. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside.

Something to check off the to-do list and be done with.

Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.

The more you know about your industry, your prospective customers, and the competition the greater the likely hood that your business will succeed.

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