The Business Plan

The Business Plan-60
Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.

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Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.

So a solid business plan should be a blueprint for a successful business.

In general, plans need to include information regarding: Business planning is an ongoing activity.

Review plans regularly and update whenever your circumstances change.

Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.

Maybe establishing a storefront for your operation isn't as cost-effective as taking your products directly to customers--not only will your operating costs be lower, but you can charge a premium since you provide additional customer convenience. Successful businesses identify opportunities and challenges and react accordingly.

It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date.

Maybe you think you don't need a step by step guide to writing a great business plan.

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.

There are no rules about what your plan should cover or the level of detail.

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