What is a business plan and do I need one?
A business plan is an outline or road map for your new business. It tells what it is, where it is, how it will operate and whom it will serve. It includes information about your customers, your employees, and you. It explains something about the industry you will be a part of and briefly explains the market for your product or service. It expresses these things with both words and numbers. The numbers of a business plan are especially important, for they translate the anticipated activities of the business into the language common to all business. If your business plan will be viewed by bankers or other financial types, your income statements, balance sheets and cash flow statements will take center stage. You will use them to paint a picture of your businesses near term financial future. Yes, you need one. You need one for your own use and you may need one for others: partners, investors, bankers, relatives, employees, etc. They are great tools for analysis and they help in communicat
A business plan is a formal document that provides potential lenders, investors and other parties a summary of your business. The business plan serves as a resume of the business and defines the firm, operations and goals. It is an action plan that provides a roadmap of where the firm currently is, where the owner wants the firm to be, and the resources and assistance needed to get the firm to where it should be. A business plan is necessary for entrepreneurs starting a business or facing changes within their business. SBDC consultants provide qualified entrepreneurs with assistance in formulating business plans for loan application packages. For a business plan template, click here.
