Business planning advocates will tell you that every business needs a full-fledged business plan, which is certainly true if you’re going to seek outside investors or a small business loan. While it’s beneficial to have one even if you don’t seek outside funding, the reality is that many successful businesses launch and grow without a full, formal business plan. However, few businesses succeed without any planning whatsoever.
Planning isn’t something you do just to say you’ve done it and have paper proof. Done properly, planning is an absolutely essential part of business operations. Below are some of the plans every business owner should have, even if informal, and some quick instructions on how to create them. I also recommend you do them in this order, as each one builds on the one before.
Author: Scott Allen
Source: OPEN Forum (American Express)
Subjects: Entrepreneurship, Small Business
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