By Lydia F. Brown on June 13 2018 14:45:38
Taking the time out of your business to plan will give you a sense of control about the future of your business and pay off in the long run! Business planning can seem overwhelming and time-consuming, but many successful businesses look at it as an opportunity.
The planning process helps you learn about the different forces and factors that may affect your success. If you are already in business, it helps you to step back and look at what is working and what you can improve on. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.
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.
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.
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