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If a business is selling a lot of product but still losing money in the long run, the business will fail.Based on the previous information collected, the business owner can provide a fairly accurate estimate of the business’s costs and what will affect them.All planning strategies mentioned in this article are from the Self-Employment Workshop taught at LDS employment resource and self-reliance centers.
It requires you to be objective, critical and focused.
The finished project is an operating tool to help manage your business and enable you to achieve greater success.
You may still choose to use a consultant, but realize that you will still need to do most of the work, so why not tackle the plan yourself?
If you need further help in one area, then seek the assistance of the consultant.
Taking time to create an extensive business plan provides you with insight into your business.
This document can serve as a powerful financing proposal.
You, the owner of the business, should write the plan.
It doesn't matter if you are using the business plan to seek financial resources or to evaluate future growth, define a mission, or provide guidance for running your business -- you are the one that knows the most about the business.
The plan also serves as an effective communication tool for financing proposals.
Planning is very important if a business is to survive.