By Cynthia A. Martin on July 11 2018 23:59:53
While every business owner should have an ongoing planning process to help them run their business, not every business owner needs a complete, formal business plan suitable for submitting to a potential investor, or bank, or venture capital contest. So don’t include outline points just because they are on a big list somewhere, or on this list, unless you’re developing a standard business plan that you’ll be showing to someone who expects to see a standard business plan.
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.
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.
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