One of the most important things you can do to support your business is to prepare a business plan. There is a popular expression, "If you fail to plan, you plan to fail." Every aspect of your business is affected by having a plan: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives. You need a business plan even if you are not applying for a loan. You may use an informal plan with potential business associates and partners.
Even though preparing a business plan is a step that is often avoided or discounted, the importance of a business plan cannot be overemphasized.
