Why Are Business Plans Important

Why Are Business Plans Important-51
So if you decide to go down this road you’ll need to create a formal policy.The policy should include the maximum amount to be lent (usually no more than a paycheck), interest rate (always the market rate — no special considerations should be given or it may be considered taxable) and payment terms.

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To paraphrase an old proverb, “you can tell the quality of a business plan from its executive summary.” The executive summary is the ultimate elevator pitch where you introduce the idea, provide background, talk about approach and results, and convey confidence that you will be successful.

When you get the reader excited about your business idea, they will be inclined to explore it further.

But here’s something you should do: have an informal plan.

Create a spreadsheet of quarterly objectives, both quantitative (sales and margin goals, cash flow expectations, number of orders shipped, number of quotes issued) and qualitative (a new safety program in place, a new hire completed, an upgrade to your website). This way you can refer to your objectives, with your key people, and keep a good eye on whether or not you’re on track.

A full-length business plan could contain the following sections: If you answered it all depends, you are a smart entrepreneur.

It all depends on what you are trying to accomplish and who is the audience.

Your document basically lays out all the information a potential investor needs to know before buying shares of a new company.

Bankers and private investors will want to know the same information.

It’s not uncommon for a company to lend money to its employees.

Just remember that what you do for one you’ll have to do for everyone.

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