In layman’s terms a business plan is a guide or roadmap that clearly puts goals and milestones that a business needs to achieve on its way to fulfilment. Contrary to popular belief, a business plan needn’t be a detailed, formal document that’s often tedious to read and boring. While most business processes can scrap a documented business plan, most small scale businesses need to have one to draw investors or commercial loan.
Anything added to a business plan needs to make business sense. The business plan is just a layout of what’s going to happen because form follows function in the business world. Writing business plans today is less daunting because these plans today are shorter and easier to produce. The stress these days is not the volume of such a plan but whether or not it is easy to read and comprehend.
The review section is the most important in a business plan because in this part parties acknowledge to discuss any progress or pitfalls the business may have experienced. While some people may feel that a business plan is redundant for established businesses, nothing can be further from the truth as these plans are required for running and sustaining a business.
Every business owner from start ups to established businesses need a plan as it helps them identify the starting point of the business to its various milestones and final closure. The happy news is that modern business owners don’t need to worry about what to include in business plans as the internet has a rich repository of free sample business plans which are a rich font of information.