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- A business plan is a document that outlines the goals, strategies, and feasibility of a business12. A business plan is important for several reasons, such as23:
- Helping with critical decisions and avoiding mistakes
- Proving the viability of the business to potential investors and lenders
- Setting and communicating objectives and benchmarks for performance
- Inspiring and retaining employees and management
- Providing a guide for service providers and partners
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A business plan is a foundational document that is essential for any company, no matter the size or age. From attracting potential investors to keeping your business on track—a business plan helps you achieve important milestones and grow in the right direction.
www.bplans.com/business-planning/basics/why-yo…The importance of a business plan
- 1. To help you with critical decisions ...
- 2. To iron out the kinks ...
- 3. To avoid the big mistakes ...
- 4. To prove the viability of the business ...
- 5. To set better objectives and benchmarks ...
www.waveapps.com/blog/importance-of-a-busines…To attract and retain top quality talent, a business plan is necessary. The business plan inspires employees and management that the idea is sound and that the business is poised to achieve its strategic goals. Importantly, as you grow your company, your employees and not you will do most of the work.
www.growthink.com/content/20-reasons-why-you-n… - People also ask
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- Legitimize your business idea. Pursuing business ideas that stem from …
- Give your business a foundation for success. Let's say you’re looking to start …
- Obtain funding and investments. Every new business needs capital to get off …
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- To help you with critical decisions. The primary importance of a business plan …
- To iron out the kinks. Putting together a business plan requires entrepreneurs …
- To avoid the big mistakes. Only about half of small businesses are still …
- To prove the viability of the business. Many businesses are created out of …
- To set better objectives and benchmarks. Without a business plan, objectives …
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