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Write Your Business Plan
Business Planning FAQs
What is a business plan and why do I need one?
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. Its basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. As it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers, and others about your operations and goals.
Why do I need to define my business in detail?
It may seem silly to ask yourself, "What business am I really in?", but some owner/managers have gone broke because they never answered that question. One watch store owner realized that most of his time was spent repairing watches, while most of his money was spent selling them. He finally decided he was in the repair business and discontinued the sales operations. His profits improved dramatically.
Relevant Tools
Automate Writing Your Business Plan
Business Plan Pro
For the entrepreneur who is starting a new company, launching new products, or seeking funding or partners, Business Plan Pro produces professional business plans quickly and easily. More entrepreneurs have chosen Business Plan Pro than any other software. Learn more about Business Plan Pro.
Business Plan Pro Premier
Business Plan Pro Premier Edition creates expert business plans. Respected by banks, lenders, and the Small Business Administration, this software includes more detailed financials, advanced cash flow management tools for "what-if" scenarios, and is completely customizable for a powerful planning solution. Learn more about Business Plan Pro Premier.
