A business plan is a system for organizing information about the many aspects of a business. This guide introduces a four-part framework for a business plan. Using the guide sections to organize your thoughts, and the business plan framework to keep information organized, will better prepare you to develop a reference guide and formal business plan. These two documents contain the information that your business will need to get off to a good start. Yes, you do.
Planning has many functions in business.
Helps you to obtain necessary financing See chart on Framework for a Business Plan, below. A business plan is so important in establishing and managing a business that preparing a written version is only a step along the way, not the end of the process. Once your business plan has been written, it should be revised regularly - the recommendation is at least once a year. Managing a business with a written business plan is much easier than without a plan. Writing is easy for some people, hard for others.