A business plan is essential to your company’s success.
After all, seven out of ten businesses fail within five years.
But as important, the process of writing involves you and your partners taking a real look at what you want the future of your company to look like and how you’re going to make it happen.
An individual or a group of individuals who start a business are responsible for writing a plan.
Whether it is insufficient market research, financial planning, management, lack of social media presence, website or something else, these mistakes all boil down to a lack of planning that can be traced back to the roots of your company: the business plan.
Before we detail how to write a business plan, we should figure out what a business plan is.
We know you’re starting a new business or moving to expand and want to stay focused on the positive and the last thing you want to talk about is failure.
But for 70% of business companies, failure is the reality, and the primary cause is a lack of planning.
There is no hard-fast rule for private business plans.
However, remember to follow whatever example a bank or loan agency gives you down to the letter.