Creating Your Business Plan

PHaving a well thought-out business plan is essential to the success of your business. Your plan covers the reason why you’re in business (your objectives), your strategies for getting ahead of your competition, and the key sales and marketing plan you have in place to get there.

Though business plans are created to be read by individuals outside your company, preparing a business plan is a great way to simplify your thinking and dig deep on your objectives. These objectives can be turned into targets to work towards in the future, allowing you to accurately monitor how your company’s performing over time.

Anybody who reads your plan should be able to understand the essential elements of your business immediately. Your business plan is the first document you’ll be asked for when you’re looking to secure a loan (or investment), therefore using simple phrasings (and avoiding industry-specific jargon) is essential.
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