DEVELOPING A BUSINESS PLAN_DEVELOPING A BUSINESS PLAN_DEVELOPING A BUSINESS PLAN_
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DEVELOPING A BUSINESS PLAN
Resource: Small Business Development Center
A business plan helps you design and lay out your business and gives you a map to follow in growing your business.
Business planning is the process through which you research, learn about, analyze, and understand your business and
your goals.
What Is the Purpose of a Business Plan?
1. Reduces risk by forcing evaluation of:
 Market demand for product or service
 Strategies (business structure, marketing and distribution)
 Competition
 Finance
2. Business planning is a means to managing change.
When Is a Business Plan not Necessary?
When you can afford to fail….
Benefits of Writing a Business Plan:
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Exposes risk and opportunities.
Increases knowledge of customer needs and competitor strengths and weaknesses.
Places focus on a marketing position (competitive advantage).
Provides bankers (or other investors) with a professional and acceptable format for presenting evidence
supporting a bus