Why You Need A Business Plan BB Lee (C) 2003
A business plan is critical to success of your business. Despite this many business owners delay or do not take time to draw up a well thought out business plan.
Consider This! Successful business owners know majority of their good fortune is due to writing a well defined business plan. A good business plan is like a blueprint to foundation of your business venture. Without strong support/planning your business will crumble and fall flat as a pancake.
Purpose Of A Good Business Plan!
A business plan will help owner of new business determine if idea is feasible and profitable in long run.
A business plan is an important factor in raising capital from investors or in applying for a loan from lending institutions.
A business plan will show lenders that you are a careful and an organized planner, important character traits for any successful entrepreneur.
A business plan helps to check growth of business and determine if you are reaching your forecasted goals on schedule.
A business plan will help you to clarify your own thoughts about business, who you are, who your best customers are, where your strengths and weaknesses are.
According to leading business plan experts, an effective plan will contain: