The answer: Strategic Thinking!

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.

Components may include:

* 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.

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