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While writing a business plan can be time consuming, it doesn't have to be overly complicated.There are many resources and templates online that allow you to develop a good business plan.
not the least of which is eventually losing control," he said.
As with any business project, research is critical to a solid business plan.
There is nothing wrong with using your plan to get back on track or to make sure you're still on course.
"The biggest mistake people make is [that] they prepare the document, and then put it in a drawer and never look at it again. Finally, remember that you should revisit your business plan as your company grows.
Additional templates and resources are available at the following sites: Sammi Caramela has always loved words.
Written Business Plan
When she isn't working as a Purch B2B staff writer, she's writing (and furiously editing) her first novel, reading a YA book with a third cup of coffee, or attending local pop-punk concerts."Research is one of the big value-adds of writing a business plan," said Joseph Ferriolo, director of Wise Business Plans."Research forces companies to learn what they can expect to make and what the industry trends are." Mullins advises asking yourself how large and attractive your market is, how quickly it's growing, and if there are any trends that will make it grow in the future.However, if you're going to take a leap, make sure you first test the water."Don't get mesmerized by the attractive macro data you can find on the web," said Dr.Klein stated that the document doesn't need pages and pages of text; rather, it can include images, infographics and specifics "so that it can be used as a point of reference at any point in time to ensure that the business is on the right path and is meeting its goals." Your plan is there for a reason.Don't be afraid to refer to it as much as possible — think of it as checking the map when you've made a wrong turn.Create an executive summary describing the industry you wish to succeed in, and how and why you intend on doing so.Then, list your company's strengths and weaknesses, opportunities for growth, and any threats that might hinder the achievement of those goals.Preparing a business plan is like outlining an itinerary for a road trip.You'll want to have a clear, objective map that you can follow step by step while developing your business.