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By Lydia F. Brown on July 10 2018 02:15:18
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
Having an understanding with third parties when distributing a plan could be enough protection for some businesses, however others who have innovative business practices or products or services may wish to go further and sign a confidentiality agreement with each person to protect their innovations. It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.
Developing your business plan helps you to step back and look at what is working in your business and what you can improve on. If you have employees, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements. Your employees will value this opportunity to contribute to the business.
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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