Business Studies Business Plan

Remember that the most effective small business plans are those that are used as a living document in the business to help guide decisions and keep your business on track.As you think about opening a business, you may consider developing a business plan.Does it really matter if you have one for your small business?

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Be prepared to answer the following questions as you create your simplified business plan: Once you have answered each of these questions, you will have a working business plan that you can use immediately to start taking action in your business.

Creating a business plan will take you undivided time and attention, but there are business planning tools available to help streamline the process, many of them available for free.

The good news is that not every business needs a traditional business plan.

That brings us to the second business plan format — the simple or one-page business plan.

Think of your business plan as a map or blueprint that will guide your business from the start-up phase through establishment and eventually business growth.

There are many reasons why you need a business plan, although these reasons vary by the type of business you are starting and how you intend to use your business plan.A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets.For business planning counseling, you can contact SCORE Chicago or a Small Business Development Center.With more than 100 counselors, you have access to experts in many skill areas and numerous industries.SCORE can also arrange Spanish speaking or women counselors.SCORE counselors are successful executives and business owners who can help you on a wide variety of business issues like financing, marketing or importing. A traditional business plan is what most small business owners think about (and often fear) when they hear the term "business plan." It is usually a long and very formal document that has a vast amount of information and is pretty overwhelming for many new business owners.A traditional business plan typically includes the following sections: The not-so-great news is that a traditional business plan takes a long time and an immense amount of research to complete.But the common thread for all businesses is that a business plan is necessary.After all, how can you get your business launched and thriving without any type of written plan to help you?

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