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By Ellen L. Montero on August 03 2018 19:05:42

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.

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.

You may want to consider the following key questions to help determine if you are ready to start writing your business plan.
~ Have you thoroughly refined your business idea so you have a good understanding of how your business will operate?
~ Have you researched your business concept to determine if there is a need for it in the marketplace?
~ Have you completed a feasibility study to determine expected level of success?
~ Do you have the money required to start and grow the business?
~ Are you prepared to invest significant time into the business to get it up and running?

Effective business planning can be the key to your success. A business plan can help you secure finance, prioritise your efforts and evaluate opportunities. It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.

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