Taking the time to put together a solid business plan that includes your plans, strategies and goals for your business can make the difference between the success or failure of your company. In fact, according to Dun & Bradstreet statistics, poor planning is the number one cause for failure of small businesses.
Your business plan should give a meaningful description of your business. Think of it as a tool to help grow your company, and to monitor your company’s performance over time. In addition, investors will typically want to review your business plan to determine whether to invest in your company.
Don’t worry that you can’t foresee every twist or turn your business will take, and be prepared to modify your business plan as you go along. Do, however, be realistic in the assumptions you make while drafting your business plan. Your business plan conveys a lot about both you and your business, so make sure you approve of the message it sends.