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One of the greatest benefits is that putting a plan together forces you to sit down and map out exactly how you expect to make your business idea successful.Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to writing one.
Especially if you’re looking for financing to grow and expand your existing business, because if you don’t already have a business plan, your lender is going to want to see one.
There are four core questions to answer before you begin writing your business plan.
Poor management and planning are estimated to account for over 90% of business failures.
Lack of planning can cause serious business problems or outright business failure.
You wouldn’t start out on a cross-country trek without a map, so why would you try to start a business without a business plan?
A business plan precisely defines your business, identifies your goals and serves as your firm’s resume.
December is National Write a Small Business Plan month.
If you’re thinking about starting a small business and aren’t sure where to start, writing a business plan is your best first step to success.
It helps allocate resources, handle unforeseen complications and make good business decisions.
Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application.