A business plan is a vital step in growing your business. Studies show that a company with a business plan is more likely to secure funding and to increase business. Having a business plan allows you to formulate your vision for your business. This vision clarifies your path forward including budget decisions. Having a plan allows you to determine where to spend your funds. It also helps one identify their target audience. The target customer base is a fundamental part of what your business is, and where you see it going.
- Data shows that small business owners with a business plan were 36% successful, as opposed to the 18% that succeeded without one.
- Small business owners with an established business plan also showed more than 60% growth in a 12 month cycle.
- With a good business plan small business owners can analyze their expenditures and plan where their income should be targeted.
“A business plan gives you the opportunity to clarify and express your vision in a way that others can understand and relate to.”