Why Every Small Business Needs A Business Plan

People never plan to fail, they fail to plan. You and your team need to develop a business plan starting with a mission statement, product definition, a marketing strategy and financial projections. You need to design and write a forceful investor summary to make your plan more attractive when you need to raise capital to finance your business venture or expansion.

Your completed business plan should identify the expectations you have for your new or existing business and should tell “the tale” of your business to a potential lender. The plan is a stand-alone document because, when completed, all business issues should be addressed without requiring additional explanation. The plan is a living document and should be reviewed and changed as regularly as your plans and strategies change. For a list of the 10 elements that you build your plan around, read: 10 ESSENTIAL ELEMENTS OF A SMALL BUSINESS PLAN

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