What is a business plan and why does it matter? A business plan is a formal document outlining the goals, direction, finances, team, and future planning of your business. It can be geared toward investors, in a bid to raise capital, or used as an internal document to align teams and provide direction. It typically includes extensive market research, competitor analysis, financial documentation, and an overview of your business and marketing strategy. When written effectively, a business plan can help prescribe action and keep business owners on track to meeting business goals. Who needs a business plan? A business plan can be particularly helpful during a company’s initial growth and serve as a guiding force amid the uncertainty, distractions, and at times rapid developments involved in starting a business. For enterprise companies, a business plan should be a living, breathing document that guides decision-making and facilitates intentional growth. “You should have a...

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