Business Plan For A Business Essay

792 Words Feb 29th, 2016 4 Pages
A well written business plan is recommended to begin any new business or new venture creation. The purpose of a business plan is to describe the business in detail for a variety of purposes. The plan can give direction and add vision to the company, such as growth and arket changes. A good business plan can attract new investors and potential partners or employees. It can also help manage the company as a whole. “A business plan conveys the organizational structure of your business, including titles of directors or officers and their individual duties. It also acts as a management tool that can be referred to regularly to ensure the business is on course with meeting goals, sales targets or operational milestones” (Burns-Millyard, K., & Demand Media., 2016). Many small businesses fail within the first five years of operating for many reasons, however, having a solid business plan can be a valuable tool. Small business incubators and small business development centers can help get a company started. “A business incubator can offer space, shared services and advice to help you get started” (Schermerhorn Jr., J.R. and Bachrach, D.G., 2015, p. 134). A business incubator can be advantageous because they already have the knowledge and experience on how to assist with profitability. They can assist with ideas, equipment, and technology to help your company until they are stable enough to survive on their own. Small business development centers work in the same way as a business…

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