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The Business Plan

Updated: Jun 24, 2021

The Business Plan

A business plan is a written document that explains in detail how a business outlines its goals and how it is to go about accomplishing its goals. A business plan is a map from marketing, financial, and operational standpoints.

Business plans are essential documents used to bring investment before a company has established a proven track record. They are also a good way for businesses to keep themselves on purpose going forward.

Although they're particularly helpful for new businesses, every company should have a business plan. The business plan should be reviewed and updated regularly to see if goals have been reached or have changed and evolved. Sometimes, a new business plan is created for a founded business that has decided to move on a new path.

Running without a business plan is not normally a good idea. Indeed, very few businesses can last very long without one. There are surely more benefits to creating and sticking to a good business plan, including being able to think through ideas without putting too much money into them and, finally, losing in the end.

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