By Cynthia A. Martin on August 04 2018 01:07:23
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.
Creating your business plan is more than just getting your ideas down on paper for potential funders to see. It’s an exploratory process in which you can evaluate your options, test your assumptions about your idea, and even discover new opportunities. It might even lead you to kill off aspects of your business before investing too much time or money in them.
Don’t make common mistakes. I’ve seen thousands of business plans, good and bad, and I can tell you that avoiding these common business planning errors will put you far ahead of the curve.
Having an understanding with third parties when distributing a plan could be enough protection for some businesses, however others who have innovative business practices or products or services may wish to go further and sign a confidentiality agreement with each person to protect their innovations. It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.
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