Business Plan Essentials

A business plan is one the cornerstone of any great business. It lays out the vision, market, and the means of execution of the business. Essentially the plan is guide and when business owners take the time to create one, they are setting themselves up to succeed. Surprisingly, many small businesses do not have a business plan. While it is possible to run a business without one. These businesses can often struggle to grow, lack direction, and experience confusion. Three of the top reasons why these business do not write a business plan are they do not think they need one, writing the plan requires a significant time sacrifice, and they do not know what to include. Fortunately, these companies can hire professionals to write their plans. However, professional fees can be very expensive for a small business. If your small business is trying to draft its business plan, the following info graphic from Washington State University can help.