Russian Time Magazine

Why a Business Plan is a Must For Your Company

As a business owner, you’re focused on the day-to a formal business plan.

But having that business plan is critical. It’s your roadmap. It helps you balance short- and long-term goals, assess custo get there. It’s a foundation for future success.

Creating a business plan can be simple with the right tools and guidance, and it can pay off in a big way. Consider these five reasons why you should create a business plan.

  1. A business plan can serve as a guide throughyour company’s life cycle, from startup to succession planning.

Gaining competitive intelligence and customer loyalty, or maximize sales.

  1. A business plan can help you determine how to spend your time and money most effectively.

It can help you estimate what you’ll need to reach your goals, whether that means adding an IT expert or retaining an accountant.

  1. A business plan may help you as you seek funding for your business.

Some lenders require a formal plan before extending a loan or line of credit. Investo see how you map out your strategy and goals.

  1. A business plan outlines current and future obstacles you might face.

Your plan will include a description of your products or services, your plans for generating revenue, your target custo them.

  1. By turning your ideas into a formalplan, you can navigate internalchallenges.

By clearly defining rolesand a strategy everyone agrees on, youcan prevent conflicts between owners,employees, and other key stakeholders.

As your business grows and changes, adjust your plan accordingly. Revisit it annual, biannually, or quarterly. This makes your business plan a living document that can help keep you on track to achieve your goals, whatever they might be.

Start building your business plan tools and learning resources in the Business Plan Center at