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Now your plan doesn’t have to resemble a color brochure, but it does have to keep readers interested. And include relevant statistics and facts that interest the reader and convince them to invest in your venture.The second the reader gets bored is the same second they decide not to invest in your company. Successful people and companies set goals and milestones.
Most small business owners are very busy and find it difficult to justify spending the time to write a business plan. A business plan gives you as small business owner the best possible chance to succeed in business.
In other words, a business plan reduces the probability that your small business will fail, like so many others do.
Perhaps you’ve formed an exclusive partnership with an important company.
There could be many reasons your company is uniquely qualified to succeed.
So, be sure to identify them, and document them clearly in your business plan.
Conversely, if you have no unique success factors, you have no competitive advantage and thus can’t succeed long-term.Treat your business plan like a marketing document, because that’s what it is.You are marketing your company to investors, lenders and others.Instead their team’s too busy creating products, rallying troops and hunting for clients-- and creating a winning strategy sounds like a lot of fluff when there’s “real” work to be done, right?Without a clear strategy even the savviest solopreneur gets tossed around and distracted from what really leads to success.Whether you’re starting a small business or running an existing one, a business plan is important for your businesses.The term “business plan” is used a lot like sugar-- it can make anything sound tastier.For instance, maybe your management team has unique experience.Maybe you have intellectual property that competitor’s don’t.Would you feel confident in what you have to show them? You can’t know how much a business is worth at first glance.Maybe it seems to be doing great on the outside, but the truth is in the numbers-- in its financial health.