The Importance of a Business Plan

If you’re an entrepreneur, chances are you have a solid business plan in writing, right?

Well, maybe not. In a recent post for Alberta Venture, columnist Mazena Czarnecka explains that many successful businesses lack a basic business plan in writing.

She then goes on to explain how writing your business plan is important, even if you have been successful without one.

Once you have a business plan, it’s the most valuable arrow in your quiver, the most multipurpose tool in your toolbox. You will use it to remind yourself of what you’re doing, where you’re going, and what you have to do today – this week – this quarter to get there. You will use it to communicate with your employees and partners, so they know what the present stage is – and what the short-term (and longer-term) path is. You will use it as the basis of explaining yourself and thus selling yourself to clients. You will use it to weigh and analyze new information – to consider if this particular mega-economic trend affects you, or if this apparently small-and-local domestic market change creates an opportunity you can exploit.

Czarnecka goes on to offer plenty more helpful tips for entrepreneurs, whether you run a small business or a large one. Find the whole article here.