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By Mary R. Badger on July 11 2018 21:14:16
Set yourself a reminder to review your business plan regularly. If you have a team in your business, holding brainstorming sessions is a good way to benefit from their knowledge - it ensures you are all on the same page and that you get their support.
If you are seeking finance for your business, you will need to show banks and investors why they should invest in your business. Lenders and investors will only risk their time and money if they are confident that your business will be successful and profitable.
Prospective business owners sometimes wonder if they really need to write a business plan, particularly if they’re not seeking a bank loan. However, if you want to clarify your thinking, set a tone and direction for your business, and a deeper understanding of your market, the answer is certainly ‘yes you do’.
Preparing a business plan will help you work out the goals you want to achieve, and the strategies to achieve them. This means you can focus your resources and energy on what you need to do, rather than spreading yourself too thin. The planning process also helps you to consider possible bumps in the road and put a plan in place to better manage them if they do come up.
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