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Despite this, 40% of small businesses don’t have one, and 21% of Australian small business owners say they don’t have time to write one.Another survey of Palo Alto companies found that business owners with a completed business plan are nearly twice as likely to be successful when securing funding and growing their business.
“As Market Analysis assumptions are proven and new information becomes available, the plan evolves.
Start-up business plans are highly speculative because the business is unproven.” On the other hand, a well-established business has the validity of years of experience and can develop a more detailed plan from the start.
“The principal purpose will dictate what section or sections are most important to your plan,” he says.
“It should be clearly spelled out in the Executive Summary at the beginning of the plan.” Regardless of your business plan’s purpose, you’ll need to research whether your idea is fiscally feasible.
A business plan can have a number of different purposes, so before you begin writing and researching, you should know why you’re writing it and what you hope to accomplish with it.
“The challenge for most business plans is to clearly and specifically identify what the plan's purpose is and what it is not,” says Boyer.
Starting a new business is always a bit of a gamble, of course, but during the planning stage it’s better to be realistic than optimistic.
“In my experience, the single largest reason a business plan fails is that those creating the plan under-calculate the time and cost that will be required for the plan to break-even,” says Boyer.
It will help you manage everything from cash flow and personnel to marketing and brand awareness.
Having things in writing will also make it easier to monitor your company’s performance and identify areas where you might be falling short.