Importance of a Business Plan

Without a business plan, a new business owner is going in blind. 

A thorough business plan can expose an unsound business idea early, without wasting time and money on actually starting the business.

Many businesses fail, largely due to the lack of accurate planning. A business plan is a constantly evolving document that changes as the business responds to changing external and internal conditions.

A business plan helps a business own be proactive rather than reactive; acts as a reference point for decision making; identifies areas of strength and weakness; provides an indication of the owner’s ability and commitment (to banks and other investors); and forms the link between the business idea and its actual operation.