Need a road map for business growth?
Updated: Sep 23
If you need a road map for business growth, a business plan is essential.
A business plan is a written document that is essentially a blueprint for your burgeoning enterprise. When done properly, the creation of a business plan forces you to take a close look at your business idea and gives you a clear indication of what it really takes to be successful. Your business plan will serve a number of important functions in the short term as well as in the long term.
A business plan serves as a type of road map for your business by clarifying where you are, where you want to be and how you plan to get there. Without a clear business plan, you may resort to methods of trial and error to attain business success, and it will be much more difficult to determine whether you're making real progress.
Your business plan explains what your business is about by describing your products or services in detail and what the ultimate goals of your business are. For example, your plan may stipulate what your revenue goals are for each of your first three years of operation. Your plan should also indicate why you believe there is a need for your business and who your main competitors will be.
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