Starting a small business is often an overwhelming and unpredictable venture, a sure fire approach to improve profitability is developing a solid business plan. Developing a business plan will enable you to effectively execute your financial, marketing, legal, and management strategy. An inadequately developed business plan generally leads to a failing business.
A business plan outlines your business strategy; the industry, business structure, products or services you will provide, and how you plan to make your business a success. Your Marketing Strategy describes and analyzes potential customers: who and where they are, what makes them buy and also describe the competition and how you'll position yourself to beat it.
The most imperative issues a business plan outlines is the acquisition, securing and execution of your financial plan, which is often a complex and frustrating process. The financial section contains your income and cash flow statement, balance sheet and other financial analyses. (Entrepreneur .com)
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