Why you need a business plan.

The Company Line: BLOG

business-plan-picture

I love the Wall Street Journal. I read it online everyday and invariably find something to Tweet about or include on my blog. When I saw the article, “Why You Need a Business Plan,” in the small business section, I knew I had to write about it. It simply provided a great framework for why a business owner needs a business plan:

  1. It forces you to identify with your (and your company’s) strengths and weaknesses.
  2. It helps you figure out how much money you’ll need.
  3. It gives you clear direction, which can help eliminate stress.
  4. It will serve as a resume when you seek lenders, investors, or partners. (Also, here’s a great article detailing what you should know about raising money for your business.)
  5. It makes you evaluate the market for your product or service and size up the competition.

This makes sense. And as baby boomers…

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