Guide to Starting and Operating a Small Business | 2018 Guide to Starting and Operating a Small Business - Page 67

14 Business Plan You’ve taken the time to read this information and probably learned a lot about starting, running, and/or growing a business, but where should you go from here? • Take the time to prepare a comprehensive business plan Write a Business Plan In spite of the fact that one of the major reasons for business failures is lack of planning, just mentioning the task of “writing a business plan” makes many aspiring (and existing) entrepreneurs cringe. There’s no question it does take time and commitment for researching, organizing information, evaluating, and writing down your actionable plan. So why should every entrepreneur go to the trouble of creating a written business plan? 1. If you’re looking for financing or investment, lenders and investors require a written plan. A completed business plan provides the information needed, and communicates your ideas to others, as the basis of a financial proposal. A decision on whether to extend financing or investment will be based on all the information in the business plan, not just the financials. 2. But the most important reason is YOU! It’s not enough to “have it all in your head” since ideas and thoughts aren’t a vN( 2W"VB2FV2BFW&RƖR6VG2FB6vRf&g&֖WFRF֖WFRFR&6W72bWGFr'W6W72FvWFW"6VFrFRf&FvFW&rBǗ62&v旦pBw&FrFvFRf&F^( fRF66fW&VB6&VBvFW"FV2BV7W&&Rv2f&6W0RF6VRFR'W6W72&V7BG2VF&WG6VFrG27G&VwF2B6'F6֖w22w&FrW"'W6W722f'GV6VF&Vf&RRfW7B6VbWBw2RFvWBFrFRV6֖2Vf&VBFW7BFRf666V&2FVFgB6FRW"&WG2fwW&RWBFPvBrvVvbW&F2BvVVBB&RBw2RF66FW"BFW7Bf"VVG0"'GVFW2w&Fr'W6W726&VGV6RW"&6B7&V6RW"66W2f"7V66W72B6RV6VBW"w&GFV'W6W722vVVBFâB&fFW2&V6&2B֖W7FW2P6W6RFV7W&RW"7V66W73B26FF&V֖BvVVBbFR'W6W72v22vV06V6FRFVFVVW22V2FVWWfW'RVFrFR6RF&V7F7BWfW'RVVG2VWGFr'W6W72FvWFW"FW&R&R6WfW&vVw&GFV'&6W&W2B&0f&RBƖ'&&W2B&7F&W2f"wVF6R7B&vR66VFrf&2fRV2f&Rf&W0VvBf667VFG2&RƗ7FVBƖRf"&R767F6R"66VGVRbԒ4$D2v&62 6V֖'2'W6W72rf6Cwwr4$D4֖6v&pc