  Developing a meaningful business plan is often overlooked despite its importance. People are often too impatient to devote time to the process or they don’t know how to go about putting one together  A business plan is very important because it acts as your compass in determining the direction for your business.  It will force you to examine the business and deal with issues before they happen rather than spending time and money dealing with a costly mistake in the future. Why a Business Plan is Important

  Business plans are also a key tool in acquiring financing that you may need to start or grow a business.  A good business plan should help avoid common reasons for business failure. They include:  Lack of Overall Vision  Not enough capital  Poor Marketing  No Strategic Plan  No Measures of Performance Established Why a Business Plan is Important

  Do write the plan in 3rd person.  Don’t underestimate your costs  Don’t overestimate your sales  Do remember that the reader of the business plan may not be familiar with industry acronyms – wording should be concise and clear.  Do take the time to do market research  Don’t make vague sweeping statements – use solid data to back up your assumptions. The Do’s and Don’ts of Writing a Business Plan