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Halette Cataleya August 15, 2021 Business Plan

Are you still unsure whether a business plan is worth the time and investment? Can`t you just jump right into starting and running your business? You could, but you`ll be missing out on some key benefits that a business plan provides.

Often the biggest decisions you`ll make for your business are amidst volatile periods of growth, decline, or even external crises. This requires you to make highly consequential decisions far more quickly than you may like. Without up-to-date planning and forecast information, these decisions may be less certain or strategic than they need to be.

If you expect to be the market leader in 2 years, you need to demonstrate why this is possible and how you`ll meet this goal. If you say your product will be viral, you have to support this statement with facts and a strong analysis explaining why people will like your product or service and how they`ll help you promote it.

This means having the right financial statements, forecasts, and a digestible explanation of your business model available for potential investors. Writing your business plan helps you put all of those pieces together and create connections between them to tell a cohesive story about your business.

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