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By Mary R. Badger on July 21 2018 17:16:16
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
At its core, a business plan helps you prove to yourself and others whether or not your business idea is worth pursuing. It’s the best way to take a step back, look at your idea holistically, and solve for issues years down the road before you start getting into the weeds.
Prospective business owners sometimes wonder if they really need to write a business plan, particularly if they’re not seeking a bank loan. However, if you want to clarify your thinking, set a tone and direction for your business, and a deeper understanding of your market, the answer is certainly ‘yes you do’.
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.
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