Anyone who has ever been in charge of a successful major event knows that were it not for their careful, methodical, STRATEGIC PLANNING — and hard work — success would not have followed. The same could be said of most business successes.
It is critical for all businesses to have a business plan. Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future.
* Description of the business, vision, goals, and keys to success
* Work force needs
* Potential problems and solutions
* Financial: capital equipment and supply list, balance sheet, income statement, sales and expense forecast
* Analysis of competition
* Marketing, advertising and promotional activities
* Budgeting and managing company growth
In addition, most bankers request a business plan if you are seeking to secure addition capital for your company.