We’ve said this before, but it’s such a vital component for any small business that we think it’s worth repeating.
Business plans are an essential tool, not just for the start-up phase but right throughout a business’s lifecycle. In the beginning, it’s needed to crystallize ideas, lay out goals and objectives, and be presented to potential lenders and investors. Anyone who’s planning to lend or invest in a new business is going to want to see that the business owner has all their ducks in a row.
But it’s also important to keep going back to the plan as a business progresses, to make sure that everything is remaining on track and that goals are being met. Business plans should be shared with key employees, so that everyone’s aware of the business’s vision.
Reviewing and updating a business plan as needed is an essential task. It could be that a business owner needs to approach the bank again in order to fund business growth, and the bank’s going to want to see the plans for that before they lend money.
There are lots of online tools that can help create the perfect business plan, and here at TSBC we’ve got some that are ideal for banks to offer their small business customers. The article below looks at the importance of business plans in more detail.
Read the full article at: www.moneycrashers.com