Although often not required by banks, a business plan is the most professional format to present the information the bank will need to evaluate a loan request.
It can help the owner make judgments and decisions on opportunities and threats by providing a framework to assess the options.
December is National Write a Small Business Plan month.
If you’re thinking about starting a small business and aren’t sure where to start, writing a business plan is your best first step to success.
A good business plan can help the business owner avoid all of these costly pitfalls.
The most common mistakes made are: poor initial planning; not understanding market position; not knowing costs; not properly pricing; not planning cash flow in advance; not monitoring financial position at all times; not controlling costs; and, not planning and managing growth.
Live Plan – Pay-to-use business plan development software En Loop – Business plan development software, free for 1 basic plan SBA.
Gov – The US Small Business Administration website has a free program to develop your business plan. You’ll find example business plans and general information necessary to starting a business.
But just as a builder won't begin construction without a blueprint, eager business owners shouldn’t rush into new ventures without a business plan.
If you’re already in business and you don’t have a business plan, it’s not too late.