Why is a Small Business Plan important?
Have you ever heard the saying “Fail to plan and you plan to fail”? Well, there is a lot of truth to that saying. Imagine wanting to get to a friends place and you don’t know which street they live in, or even which suburb they live in? That’s what it would be like to run your small business without some sort of a business plan. If you don’t have a small business plan then your chances of success will be diminished. A small business plan is what lenders and banks look at when deciding to lend you money. It is also the document that clarifies and encapsulates your Small Business. It point you in the direction you want to take your business and allows you to make decisions to what should be done or even what should not be done. For a start-up small business or Home Based Business, not all the stages detailed below would apply. You should still have a plan that outlines your goals, costs, budget, marketing plan and of course, an exit strategy. A business plan is the measure you gauge your
