Business Planning and Preparing a Business Plan

Preparing a Business Plan

A professional business plan can play an important role in the success of a small business. In addition to being required for obtaining certain loans, a carefully considered business plan helps business owners focus on the strategic objectives of the business and communicate those objectives to managers and key staff. Because of its importance, enough time and thought should be invested to do it right.

For business owners inexperienced in creating a business plan, assistance is available from a variety of sources including local Small Business Development Centers and the Service Corps of Retired Executives (SCORE). Local banks can tell business owners what they look for in a business plan and an accountant can help prepare any financial statements needed for the business plan.