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"A business plan is absolutely vital as it navigates your business on the road to success," said Joel Klein, founder and producer of Biz Tank and the B-Tank platforms."Only by setting a plan that outlines where you want to go, along with a plan of action on how you are going to get there, will a business owner know if they are heading in the right direction and how far they are from their final destination." Your business plan should guide you throughout the startup process, available as help for any problem that may arise.
John Mullins, associate professor at London Business School and author of “The New Business Road Test: What Entrepreneurs and Investors Should Do Before Launching a Lean Start-up, 5th ed." (FT Publishing, 2017). talk with prospective customers, suppliers and others in your industry." Even after you embark on your business endeavour, you want to ensure you're attracting and retaining customers before asking for capital, Mullins added.
"Raising money too soon is a distraction, and has big downsides …
Klein stated that the document doesn't need pages and pages of text; rather, it can include images, infographics and specifics "so that it can be used as a point of reference at any point in time to ensure that the business is on the right path and is meeting its goals." Your plan is there for a reason.
Don't be afraid to refer to it as much as possible — think of it as checking the map when you've made a wrong turn.
Based on advice from our expert sources, here are a few specific dos and don'ts to consider while formulating your plan.
It's tempting to dive into your business after reading success stories of similar companies.
Additional templates and resources are available at the following sites: Sammi Caramela has always loved words.
When she isn't working as a Purch B2B staff writer, she's writing (and furiously editing) her first novel, reading a YA book with a third cup of coffee, or attending local pop-punk concerts.
The only time Sammi doesn't play it safe is when she's writing.
We understand that writing a business plan can be a daunting experience.