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By Glen J. Espino on July 07 2018 21:40:19
Business planning is essential for the success of any business. A business plan provides direction, keeps you on track and is usually a requirement when you seek finance. Read Why do I need a business plan to find out how writing a business plan can assist your business.
A business plan is a living document that maps out the details of your business. It covers what your business will sell, how it will be structured, what the market looks like, how you plan to sell your product or service, what funding you’ll need, what your financial projections are, and which permits, leases, and other documentation will be required.
A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.
If you don’t have a specific immediate need to show a formal business plan to a banker or investor, then you are probably better off doing just a lean business plan, for your internal use only. To make the best impression on banks and investors, your business plan outline should be presented in the standard business plan format.
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