The Importance of a Business Plan

[Nathan Tabor]

Not having a business plan is like taking a family vacation withoutmaking any plans. I don’t know of anyone who takes a vacation withoutplanning it but I know many, many business owners who don’t have abusiness plan. It’s just plain ridiculous!

If you don’t have a business plan my advice to stop everything you are doing and develop one immediately!

A business plan is your official roadmap. It establishes your niche. This single document is your greatest asset in securing an investor or bankfinancing. You need to spend a great amount of time, thought, and research while writing your business plan. Then you’ll need to work hard torefine it… and then refine it again.

The result should be that anyone should be able to read your business plan in about 10 minutes and know exactly what you want to accomplishand how you plan to get there.