Guide to Growth: Your Business Plan

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:

• If you’re a current business owner, you probably feel like you’re always working to close the next big deal, juggling finances, or responding to the latest crisis. A business plan can help you take a hard look at things — taking stock of where you’ve been and laying groundwork for where you’re headed.
• If you’re a budding entrepreneur, a business plan can help you raise money. It will help prove to potential investors and lenders that you’re serious and your idea is worth funding.
• For both current and potential business owners, the process of creating a business plan can prove beneficial by revealing potential risks and uncovering opportunities that may not otherwise be apparent.

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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