Purpose Of Business Planning

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Include the following financial statements for the past three to five years; cash flow statements, balance sheets and income statements.A crucial document in securing funding from creditors and investors, the business plan should be well organized with a focus on specific strengths that set your business apart from the competition. In the simplest of terms, that is how you start a business and then run like crazy to not only cross the finish line, but win the race.Starting your own business could be a life-long dream, a family endeavor, or even a ... Small Business Administration, half of all small businesses will fail before reaching their fifth anniversary.Plan well and work hard and you will have the satisfaction of seeing your ... Have you put much thought into a business plan or discussed this with your business partners?Writing a business plan is extremely important for your new start-up, as it will determine if your business will succeed in this competitive business world.Many business advisors, bankers, experienced entrepreneurs, and investors generally agree that you should develop a business plan in order to keep you on track during the first stages of development.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.Provide evidence that your company offers a product or service that serves as a solution to a problem identified by your target market.Information regarding service or product costs, suppliers and any new services which may be added should be included in this part.

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