It doesn’t matter what type of business you run, what size it is, or whether or not you intend to borrow money or seek investors—every business needs a business plan.
The plan provides your business with goals, directions, and time schedules for actions, progress, results and growth. A well-constructed business plan also identifies the strengths and weaknesses of a business. It helps you to determine whether your business idea is feasible and helps you map the company’s future. And importantly, it gets you to thoroughly plan your finances and make sure you have sufficient cash flow to see you through until you start making a profit.
It’s also important to keep your business plan up to date. As your business grows and becomes more successful, your plan needs to reflect your new situation and new challenges.