By Glen J. Espino on June 13 2018 14:30:29
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.
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.
Start from the very beginning understanding that your business plan ought to be specific to your business needs and objectives. Every business ought to have a plan, but not every business needs a full formal plan with carefully crafted summaries and descriptions.
A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time. It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date.
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