Business plans are like road maps; it’s possible to travel without one, but it will only increase the likelihood of getting lost along the way.
Business plans typically include detailed information that can help improve the business’s chances of success, like a market analysis, competitive analysis, customer segmentation, marketing, logistics and operations plans, cash flow projection and an overall path to long-term growth.
During this Ask the Experts webinar, we'll hear directly from the Washington State Small Business Development Center on the importance of a business plan. Attendees will walk away with an understanding of the following:
1. What a business plan is and how it's used
2. The basis components of a business plan
3. The difference between a business plan used for operational management vs a plan to obtain financing
4. How often should you update your plan - 2 minutes
5. How to use your plan to make financial and other business decisions considering the breakeven calculation and the understanding of your business's contribution margin
6. Where to receive assistance in developing a business plan