Friday, March 29, 2024

Prepare a Business Plan

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.A huge number of small businesses fail. The U.S. Small Business Administration estimates that roughly 50% of small businesses fail within the first five years. A big number of these small businesses fail because they do not define their goals and map out their path to success. Taking the step to define your business goals, plan where you want to go and what you want to achieve will place you in an increased position of future success and realization of your dreams.


Why is planning important? According to the SBA’s How to Write a Business Plan, it is important to plan and prepare a business plan due to the following reasons:

  • Planning will help shape your destination and provide the best road to get there
  • Planning gives you a blueprint to follow
  • It is a communication tool for investors, suppliers, employees and others interested in your business
  • If you don’t plan for the success of your business, you will fail

reviewing notes

More specifically, business plan software vendor Palo Alto says that you need a business plan for the following purposes  http://www.powerhomebiz.com/bplan/businessplan3.htm :

  • Support a loan application
  • Raise equity funding
  • Define objectives and describe programs to achieve those objectives
  • Create a regular business review and course correction process
  • Define a new business
  • Define agreements between partners
  • Set a value on a business for sale or legal purposes
  • Evaluate a new product line, promotion, or expansion

If you need sample business plans to see how it looks like, visit Free Sample Business Plans

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