A properly written business plan determines whether your business will blossom or shrivel.
Business planning is essential for your business. It should be written clearly and concisely. A business plan is a well constructed road map of your entire business. A company's resume if you will. Don't think of it as a stone tablet for you company. Think of it as a really cool map "app" on your phone.
If you go in the wrong direction looking back at your "app" will put you back on the right path.
Like most people your going to constantly look back at your "app" which means you are going to be making many revisions to your plan through out the course of your business.
The main objectives of your business plan:
Be an outline of your businesses structure and growth
Be a script for prospective investors
Be a performance measuring and monitoring tool
While setting up and writing out your plan you should also be aware of the No-No's of business plan writing. Here you go we've made a list of those too:
Do not make ridiculous assumptions about your business
Do not belittle the hardships in growing a business
Do not belittle your competition
Do not include immense lengthy technical information
Do not breach your own confidentiality
Do not avoid including risks, omitting them may cause inquiry into your integrity
Do not say your company will be larger than Google
Do not include that you are the next Bill Gates
Whoa, Whoa, Whoa, don't start that plan just yet/ We have more to come in our Business Planning series.