Articles
Published November 2000
Writing an Effective Business Plan: Page 3 - Why Plan?
Page 3 - Why Plan?
Many entrepreneurs will skip over the planning stage, but to do so is to put your business at risk. The process of researching and planning helps you thoroughly understand the business, your competitors, market conditions, and the risks.Equally important to the above, planning forces you to look at all aspects of your business. One of the key limitations that small business owners face is that they are often needed to fill multiple positions in their company. We all naturally have strengths in some areas, and weaknesses in others. Planning can help you identify the gaps, areas you might otherwise neglect.
For example, someone who is going to start a computer programming company might have explained the technology in detail, but have large gaps in the marketing section of their business plan. Completing a business plan forces you to look at these areas.
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Page 1: Introduction
Page 2: An Overview
Page 3: Why Plan?
Page 4: The Executive Summary
Page 5: Business Data
Page 6: Financial Data
Page 7: Supporting Data
Page 8: The Outline
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