writing a business plan

 
 

A business plan is your “roadmap.” It’s a well thought out description of your business and your position in the marketplace, what you plan to do, and how you plan to do it. Your business plan communicates to readers your business’ goals and strategies on how to accomplish those goals. Your business plan is a “living document” that should be reviewed and updated periodically; it should not sit on the shelf.  Spending the time to write a business plan can help you evaluate the feasibility of starting a new business. Many bankers, lenders, and investors will want to review your business plan. Potential business partners may ask to see a company’s plan. A business plan may help you attract top talent. A business plan can also help you monitor your own performance and alert you to any issues or challenges early on.