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Describe the reason for developing a business plan

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What is the importance of writing a business plan? A business plan is an outline of your business goals and objectives and how you intend to achieve them. Most people do not realize the importance of a business plan to the growth and development of a business. They feel it is a waste of time and not necessary to do as they consider there are more important things to do concerning the business rather than taking out time to draft a good business plan.
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Do You Really Need a Business Plan?

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Why You Need a Plan: 5 Good Reasons - Strategic Planning

Maybe you think you don't need a step-by-step guide to writing a great business plan. Maybe you think you don't need a template for writing a business plan. After all, some entrepreneurs succeed without writing a business plan. Does a business plan make startup success inevitable? Absolutely not.
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Importance of Business Plan To an Entrepreneur

While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results.
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If practice ownership is your objective, consider developing a well-thought-out business plan that establishes the viability of your proposed venture. A business plan details the financial structure and day-to-day operations of your practice. It may help demonstrate that you have a realistic roadmap for success based on carefully considered ideas about how to develop and manage your business. Actually taking the timeto create a written plan -- to think, dream, research and document your objectives -- may increase the likelihood of ultimately reaching your destination and help you manage your business career. In addition, developing a business plan may help you understand your practice's place in the market, so you know the actions that need to be taken to improve and grow your business.
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