What is a business plan and why is it important?
Lynn H. Colwell formerly of Business Start-Up Magazine describes business planning like this “Starting a business without a plan is like trying to repair a flat tire with your teeth. It may be possible, but you sure make it hard on yourself."
” A business plan is a written document that clearly defines the goals of a business and outlines the methods for achieving them. A well developed business plan by The Entrepreneur Café, LLC will:
- Serve as a roadmap for starting, growing and managing your business successfully.
- Our plans help you evaluate every aspect of your business including refining management goals and objectives, marketing, identifying financial risks, organizing resources to help your business grow.
- Our plans are a great tool for helping your small businesses raise money.
How does a business plan differ from a strategic plan?
Although strategic planning and business planning have some similarities they are different in the following ways.
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Strategic Planning |
Business Planning |
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Strategic planning is more conceptual in nature. |
Business planning is more focused on the specifics of a business’s operation. |
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Strategic planning is more analysis focused. |
Business planning focuses more on day-to-day performance. |
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Strategic planning spans a longer time frame usually 3-5 years. |
Business planning realistically should cover a period of 1-3 years. |
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Strategic planning produces specific goals and objectives to be met. |
Business planning is responsible for carrying out those goals and objectives. |
