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A well-written business plan will provide your business with the structure it needs to run smoothly by laying out what your priorities should be and the actions you’ll need to take.It will help you manage everything from cash flow and personnel to marketing and brand awareness.
“Many start-ups with great ideas have crashed under the weight of operating expenses that outstripped funding and revenue.” He suggests using a realistic set of projections and looking at worst case rather than best case scenarios.
A business plan is a written document that describes your business.
It covers objectives, strategies, sales, marketing and financial forecasts.
When starting your own business you’ll probably have a number of partners, investors and employees, and each person may have his or her own idea of how the company should be run and what its goals and objectives should be.
Having a business plan will put everyone on the same page and prevent any misunderstandings early on.