Whether you’re a current business owner or a budding entrepreneur burning with the next great idea, one of the most important steps you can take on your road to success is creating a business plan. A well-thought-out and well-written business plan captures your vision, illustrates it for others (including potential lenders and investors), and creates a roadmap to guide you and your management team through the growth of your business. Consider the following points:
A business plan should be comprehensive, yet as concise as possible. Although there are no limits to the length, a business plan should respect the time of your readers while providing the information they need to make important decisions. Before you begin writing, consider contacting an attorney or business consultant with expertise in business plan writing.
Most business owners would much rather focus on their daily objectives and challenges than take valuable time away from their business to write out a business plan. But in the end, it will be worth the effort because a business plan is not only important, but it can also become a critical resource on your journey toward success.
For more information, visit the Small Business Administration at www.sba.gov.
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