If you don’t know where you’re going, any road will take you there.
This well-known business motivational axiom is particularly true for small businesspeople who fail to work through and create a business plan for their company.
Business plans force you to think out, research, and put in writing every function and aspect of your business, including:
- Products and Services
- Marketing
- Operations
- Finance and Budgets
The greatest advantage to creating a business plan is that it forces you to critically analyze your business (or prospective business). Through this process, you will be able to identify your company’s strengths and weaknesses as well as the opportunities and threats you will be facing (MBAs call this SWOT Analysis – Strengths, Weaknesses, Opportunities, and Threats).
No one I know who has worked through the process of creating a business plan has regretted doing it.
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