Creating a Plan For Your Business _ Writing a plan is the first stage of business planning. As the name suggests, a business plan is a roadmap for the direction of your company. While many owners fail to write such a plan, it is an essential step in the growth of your company. It helps you to forecast and problems that may develop in the course of business. Think of it as a contingency plan. If you are planning to apply for commercial real estate or bank loans, you will need to demonstrate proper planning for your business.
At this point, you may be tempted to skip writing a business plan altogether, viewing it as an unnecessary exercise in jumping_through_the_hoops, suggested by some old business professor who probably never held down a "real" job anyway. Maybe it's okay as an assignment for an MBA class, but it would be just too confining and irrelevant for today's fast_paced business environment. Anyway, you're ready! You've thought about this business venture for a long time and talked it over with friends and everybody agrees it's a great idea. Best to strike while the iron is hot!