A successful business starts with a good plan. Much better if you have a strategic plan. But before we discuss on the importance of having a business plan, let us first know what a business plan is all about.
One of the most common reasons for business failure is the lack of a business plan. A business plan reflects the entrepreneur’s understanding on the industry, the market, business strategy, planning for profit and cash flow of a company. This plan will also present a forecast for the business, for a period of three to five years ahead.
Many businessmen misunderstand the need of having a business plan. They think that it is not important to have a business plan if they want to only venture in a small-scale business. Truth is, a business plan is always necessary irrespective of the size of the business.
The websites listed below provides guidelines and useful tips in preparing a good business plan:
Bank Pembangunan dan Infrastruktur Malaysia BerhadUnited States Small Business AdministrationBusiness Plan ArchiveBusiness TownBusiness Plans ResourcesSmall Business Plan GuideEntrepreneur.com Business Plan Guide
Planning For Profits
What Makes a Good Plan?
A Sample Business Plan Outline
Common Business Plan Mistakes to Avoid
What Investors Look For in a Plan
Critical Steps to Writing a Business Plan
Bank Pembangunan Malaysia Berhad
Are You an Entrepreneur?
Preparing a Business Plan
An Introduction To Business Plans
2 comments:
I plan on running my own business soon, so I'll have to bookmark this post. It'll be tough and challenging (though hopefully rewarding in the end), and I can use all the help and advice I can get. Lately I've been thinking about buying a business instead of starting one from scratch. Maybe a franchise? Home based? I'm not entirely sure yet. Do you have any other advice or suggestions? Thanks so much.
@Alicia -- If you're thinking about buying a business, I know there are websites you could browse for more info. There's one called BizTrader.com, which is an online global marketplace where you can buy or sell a business. It has a lot of helpful advice and tips, and you can also use it find a lender, broker, etc.
You can also check out small business groups in your area. They can also be very helpful, and it's always good to network.
Good luck!
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