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The Importance of Business Plans

Having a Business Plan is essential for any company. Whether you are just starting out or have owned your business for several years, a business plan can help you achieve your goals and move your business forward in the right direction. There is no right or wrong way to write a business plan, and there are many templates available online to help you get started, find the one that works best for you.

Here are a few thoughts to help you get started:

  • A business plan does not have to be complicated or the size of a textbook. Think of it as a written tool about your business that projects 3-5 years ahead and outlines the route your business intends to take to make money, increase productivity, improve efficiency and grow revenue. Think of each section as a min-plan to make it easier to write.


  • A well-thought-out business plan helps you to step back and think objectively about the key elements of your business and informs your decision making as you move forward.


  • Your business plan is the tool you will use to persuade others that working with you (or investing in your business) is a smart decision. Having a business plan in place will help investors feel confident that they will see a return on their investment.


  • While every business plan is different, there are certain components that should always be included:

Executive Summary: A clear picture of the strategies and goals of your business.
Business Description: Explains the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers.
Market Analysis: Helps to determine the current position of the business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products.
Operations and Management: Allows a business to explain its individuality to readers and customers. This section highlights the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time.
Financial Plan: The most important element of a business plan and is primarily addressed to investors and sponsors. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

  • Business Plans are typically associated with start-up companies as they help the founders determine sales projections, budgets, growth milestones, production, profitability, and other tasks.


  • Established companies can also benefit from a business plan in order to manage and steer their business strategies to address changes in their markets and take advantage of new opportunities. Business plans can be a powerful driver of growth for existing businesses.


A business plan isn’t just a document you put together once when starting your business. It should evolve and change as your business grows. Make sure that you visit and update your business plan regularly.

Contact me if you need assistance developing a business plan for your company.
Until next time,

All the best,