By Charlotte R. Richardson on August 05 2018 07:34:30
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.
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.
Your business plan should present what a banker or venture capitalist expects to see, in the order they expect to see it in. Following a standard business plan outline will keep you on track, and save you from botching your best chance at getting your business funded.
Developing your business plan helps you to step back and look at what is working in your business and what you can improve on. If you have employees, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements. Your employees will value this opportunity to contribute to the business.
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