Monday, January 11, 2010

Your Business Plan

A business plan precisely defines your business, identifies your goals, and serves as your business’ resume. Its basic components include a current and defined balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. It provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package.
You may wonder why you need a business plan if you do not plan on obtaining a loan. It can tell your sales personnel, suppliers, and others about your operations and goals. It can also give you a clear view of where your business is going and where it can be. Everything in life needs a plan and business is definitely no exception.
A business plan requires time and can be done over a period of time but should be done. There are a number of websites that provide outlines for the information needed on your plan. Check your local library to find out census data on your competitors to obtain a market analysis.
If you are in the Tacoma area; the Sound Business Assistance Program through the Metropolitan Development Council is holding a class on Simplified Business Plans Thursday January 14th from 9am to 11am. This class is free of charge. For more info click here

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