Why Are Business Plans Important

Also over the past few years, many online credit services have sprung up that offer loans for small amounts and few hoops to jump through.

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Because no one outside of the company will be looking at this it doesn’t have to be pretty, so it’s not a formalized business “plan” that consultants like to see.

But for your internal purposes, it will cut to the chase and be effective.

That said, after having written and reviewed hundreds of business plans, I feel there are four key sections used in almost all situations, and these are augmented by additional sections depending on the circumstances.

These four key sections are the executive summary, marketing plan, key management bios, and financial plan. This is one of the shortest sections of a business plan, but the one you should spend the most time working on.

Your document basically lays out all the information a potential investor needs to know before buying shares of a new company.

Bankers and private investors will want to know the same information.

A full-length business plan could contain the following sections: If you answered it all depends, you are a smart entrepreneur.

It all depends on what you are trying to accomplish and who is the audience.

But if you’re not looking for money, a formal business plan is a waste of time.

Most of my clients that run established companies don’t do it.

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