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Q.Do I need a business plan if I'm not seeking financing?

A.While you may not need a business plan, creating one may make the difference between success and failure. For a small business to succeed, its owners need to know where the company is heading and how it will get there. Although creating a business plan is a tedious task, it forces you to set your goals, determine the resources you will need to meet your goals, and to identify otherwise unforeseen problems.

However, if your business plan is not being used to solicit funding you can create a less formal plan to serve primarily as a planning tool and device to keep you focused. But a word of caution, be sure to make your business plan comprehensive enough to serve its most important functions-- helping you: identify your market, identify the large and small competitors and develop a plan to deal with them, target your intended customer, develop efficient sales distribution and marketing methods, and prepare a cash flow statement.

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Copyright 1999-2018 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.