Insights. SBDC tips for forward-thinking businesses
August 2014
Is it true that you need a business plan?
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The exercise of putting a business plan together will benefit you and your company greatly.

Here at the SBDC office, people call us every day looking for guidance on figuring out how to increase sales, how to hire new employees, how to optimize their Internet marketing or how to launch a business.

Most of the time, those callers do not have business plans. Sometimes they resent my suggestion that they write one. ”I don’t need a bank loan, so I don’t need a business plan,” they say.

What those callers don’t understand is that solutions to their problems of low sales, inadequate marketing and business start-up woes can be found through the process of developing a business plan.

Business planning entails thought, discussion, problem solving, research and more thought before the writing even begins. The process involves laying out in detail how you will transform your ideas into accomplishments.

As Paul Morin writes in his blog post, What Is a Business Plan For?, “You always hear that you need a business plan, but is it true?  If you talk to ten experts, it’s likely that five will tell you ‘yes,’ and five will tell you ‘no’.  At the end of the day though, even if you don’t ‘need’ a business plan, that is, a written document titled ‘Business Plan,’ the exercise of putting one together will benefit you and your company in a wide variety of ways.” To read the full post from the Company Founder blog, click here.