By Christina M. Porter on August 04 2018 01:42:34
Business planning is an ongoing business activity. As your business changes many of the strategies in your plan will need to evolve to ensure you business is still heading in the right direction. Having your plan up to date can keep you focussed on where you are heading and ensure you are ready when you need it again.
Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.
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 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.
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