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By Christina M. Porter on May 26 2018 00:34:44
A business plan is not a document you create once and store in your bottom drawer. It is a living guide that you should develop as your business grows and changes. Successful businesses review and update their business plan when circumstances change.
To write an effective business plan you will need discipline, time and focus. Although the process can seem challenging, it is very rewarding and gives you a sense of control over your business. Investing time and focus in creating a business plan is one of the most valuable activities you can undertake. Creating a well-structured business plan will give you direction and help your business become a success. A business plan provides a roadmap for your business future and is essential to attracting funding.
A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Understandably you will want to be careful who you show your plan to and avoid your competition seeing it.
If you are seeking finance for your business, you will need to show banks and investors why they should invest in your business. Lenders and investors will only risk their time and money if they are confident that your business will be successful and profitable.
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