If you're thinking
about writing a business plan, consider this list of common mistakes people make and expert advice for steering clear of them.
A
well written business plan stating the nature of the business, funds required, budget allocation, future projections and profitability should be accompanied with the loan application.
Whether it's putting off a simple task like organizing files or a bigger project
like writing a business plan, it's something we are all guilty of.
All associates, in any size of firm, can benefit from an annual
written business plan provided it is developed with the assistance of a more experienced lawyer.
Writing a business plan also forces you to articulate who your target customers are and what they need, as well as how you'll attract those customers.
Writing a business plan enables your founding team to work together and forces the group to address issues that may have been overlooked during the «thinking of a business» stage.
The bottom line is that if you invest some time and energy
into writing a business plan, you've got a much better chance of avoiding business failure.
Seven years ago, she took part in a local university program in which a student
wrote a business plan for her to lure venture capitalists with.
(Ed's note: You can find lots of good advice
on writing business plans in a series of articles written by our own Charles Boulakia) Entrants can also go online to share their ideas and find team members.
We have all suffered from the agony and torture that is writer's block, but attempting to
write a business plan while staring at a blank page puts the suffering on a whole new stratosphere.