A Business Plan is a compass for a business. Without it a business will find itself wanting for direction at some point. A business has many ‘moving parts’, and a good business plan ensures everything moves in synchrony.
Typically, entrepreneurs have a mental image of their business roadmap – this often is missing details on how to get from a concept to success. Our emphasis on a written business plan ensures that entrepreneurs pen what is in their minds, thus ensuring they get into thinking through many aspects of planning that are essential to success of a business. As the intricacies are put on a paper, a more realistic picture of the business comes into focus. This defines the direction and is thus your compass.
A good business plan will include a summation of all facets of your business and it should be updated as the business evolves. The plan can be 5 page long or have 50 pages, this will depend on factors unique to each.
SCORE offers a good business plan template.
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