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Describe the importance of preparing a business plan

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Why write a business plan? Simple: The business plan is the blueprint for your business. If you wanted to build a house, you wouldn't walk over to an empty lot and just start nailing boards together. Starting a business without a business plan is just as risky. Yet, unlike a house, a business isn't static. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside.
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What is the Importance of a Business Plan?

Describe the importance of preparing a business plan
Describe the importance of preparing a business plan
Describe the importance of preparing a business plan
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Understanding the Importance of Change Management

While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results. For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets. Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors. But a business plan can bring clarity to the process of whether to buy or lease and help determine the optimal amount allocated to those assets. Marketing and market potential are important aspects of a plan for aspiring small businesses.
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5 Reasons to Write a Business Plan

The general importance of change management is that it tends to increase productivity and service in all the departments in a company. But change is not always embraced by employees, managers and supervisors with open arms. It will always face resistance and there are good reasons for that. While the change may be important and unstoppable to the company, many individuals will always be hesitant to take on something new and leave behind what they have been familiar with for a long time.
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In business, as with most things in life, change is constant. When an organization needs to make an important change, like upgrading a computer network or expanding to a new location, it's usually best to view it as a project. Size, of course, isn't what defines a project, but what does define a project is a plan. A project can be defined as any planned undertaking with a set of related tasks designed to reach a defined objective that has both a beginning and an end.
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