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By Kimberly P. Albright on July 12 2018 00:19:47

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.

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.

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.

Size your business plan to fit your business. Remember that your business plan should be only as big as what you need to run your business.

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