We often see entrepreneurs who are working so much on the day_to_day tasks of building the business that they do not take the time to properly plan. Usually the business owner did not take the time to properly plan for the future. This is one of the biggest mistakes a business owner can make. In this article I will outline 5 reasons an entrepreneur needs a business plan to keep their business on the right track.
Business plans are mostly about organizing, formalizing, and committing to a specific plan_of_actions. Such a document generally presents the objectives, strategies, analysis, and a detailed roadmap for implementation. Underlying a plan_of_action is comprehensive analysis of historic, current and proposed results all supported with assumptions. If anyone doubts the interest in business plans, a Google search returns more than 62 million and Amazon list more than 77꺜 titles concerning this subject.