A formal business plan is an important document for any business. Entrepreneurs just starting out may find putting their thoughts, goals and in some cases dreams to paper an intimidating process. Nevertheless, it is vital to the success of your business. A business plan details every aspect of business operations.

Purpose of Business Plan

Before drafting a business plan it is important to understand why this document is so important to the success of your business. Your business plan will detail all aspects of your business operations from marketing to organization and management.

This document not only helps owners see where the business is headed, it is also required by most lenders and potential investors.

Essential Parts of a Business Plan…