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Having a business plan will also assist in providing you credibility among potential investors.
Additionally, research critical success factors, or important areas to focus on when investing in a project.
"Too many companies treat it as a confidential document to be kept away from the 'prying eyes' of the rank-and-file employees.
I believe the business plan should be shared, discussed and amended where appropriate, through an open loop of feedback and insights." The more people who are involved, the more ideas you can circulate around the company, Cohen said.
If you want your company to succeed, then all employees should understand the business plan's dynamics. "The business plan keeps an organization focused, [and] it needs to be shared," said Brian S.
Cohen, an operating partner at Altamont Capital Partners and member of board of directors of Access Insurance Company.