Applying Your Plan to Your Small Business

A business plan is a tool with three basic purposes:

Communication
Management
Planning

As A Communication Tool

As a communication tool, it is used to attract investment capital, secure loans, convince workers to hire on, and assist in attracting strategic business partners. The development of a comprehensive business plan shows whether or not a business has the potential to make a profit. It requires a realistic look at almost every phase of business and allows you to show that you have worked out all the problems and decided on potential alternatives before actually launching your business.

As A Management Tool

As a management tool, the business plan helps you track, monitor and evaluate your small business' progress. The business plan is a living document that you will modify as you gain knowledge and experience. By using your business plan to establish timelines and milestones, you can gauge your company's progress and compare your projections to actual accomplishments.

As A Planning Tool

As a planning tool, the business plan guides you through the various phases of your small business. A thoughtful plan will help identify roadblocks and obstacles so that you can avoid them and establish alternatives. Many small business owners share their business plans with their employees to foster a broader understanding of where the business is going.

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