| Why would you need a business plan for an | | | | For a start-up business, it will tell you whether your |
| established business? Did you ever have one? Maybe | | | | plans make economic sense and if a possibility for |
| things are just fine, business is great, and your | | | | success exits. It also becomes your roadmap to |
| business is making tons of money. And very possibly, | | | | develop your business and will be the tool that helps |
| your business is doing the best it can already. | | | | convince lenders or equity partners to invest or |
| However..what if it isn't? How will you know? | | | | reinvest in your venture. Lenders of any type will not |
| Let us consider for a moment that your business | | | | lend unless they know that you have thoroughly |
| could be better. Without a thoughtful, honest and | | | | researched your business idea or expansion. And |
| focused look at your business and the industry you | | | | even then, you had better be prepared to answer a |
| are in, you may be missing opportunities. Or you may | | | | lot of questions. Of course, you knew that. |
| not be aware of certain market indicators that would | | | | If you are buying a business, ask to see their |
| cause you to revisit your current way of doing | | | | business plan. You need to see what they had in |
| things. To be ahead of the game; "forewarned is | | | | mind for the business and if they were on track. You |
| forearmed" so to speak. | | | | may be asked to sign a non-disclosure. If after |
| A business plan will bring all of the components of a | | | | reviewing their plan, you choose to continue with the |
| successful business into focus. You will have an | | | | purchase process, write your own business plan, or |
| excellent handle on market conditions, your | | | | hire someone to do it for you. Make the purchase |
| competition, new methods, services or products | | | | contingent, if you need to, but do not buy a business |
| within your industry, pricing information, potential new | | | | without a business plan of your own. It could end up |
| clients or customers, marketing and sales techniques, | | | | saving you quite a bit of money or making you a lot |
| opportunities for new business relationships, revenue | | | | of money. Either scenario is much better than losing |
| streams and much more. | | | | your shirt. |