This is a step that many small businesses forget to do. While a business plan is not really required to run your business, it is a very helpful tool. If you do not know what a business plan is, it is simply a written format of how you want to run the business and what the business stands for, as well as the mission of the company. These can take time to create, but they will help you in the future to keep your company on track with your original goals.
An important item to remember is that if you are looking for funding for your business or idea, most banks or investors will make you have a business plan as they want to have a copy of what you plan on doing with your company. You will have to verbally give them your take on where you want to take the company, but they want to have the written plan to make sure you are sticking with your plan. This is a big factor in getting the funding that you need to succeed. There are many places on the web that will assist you in developing a business plan or providing a template. These will help you in the right direction on developing a great business plan that will keep your on track well into the future. Please check back with us soon for another checklist item.