When you take a trip, the smart traveler plans their route in advance, making sure there are sufficient rest stops, gasoline stations, hotels that accept pets [when required], and alternate routes in the event of a detour that could delay arrival at the designated destination. A business plan is a road map for the entrepreneur.
A business plan precisely defines the business, identifies goals and serves as the company’s resume. It illustrates the operational and financial aspects of a business. It assists in resource allocation, minimizing unpredicted complications, allowing owners to make good decisions. Because it provides specific and organized information about the company and how borrowed money will be repaid, a good business plan is a crucial part of any loan package. Additionally, it tells personnel, suppliers and others about company operations and goals. Business plan formats are fairly standard; the same format may be used by someone who wants to start an electronics firm as a person seeking to start a daycare center.
Richard Strug
Greater Princeton Area SCORE (Chapter 631)
Serving Mercer and Middlesex Counties
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