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The Importance of a Business Plan in relation to a Small Business

Abstract

This document will discuss, in detail, the importance of a business plan, specifically in regards to small businesses. It will explore the various levels of which a business plan can impact a potential venture through an amalgamation of different sources. There will be an examination of its effect on an individual, financial, and company level. As well as how a well-executed plan can aid in future growth. As the small business market becomes more saturated, a concise and thorough business plan is evidently increasing in its importance in correlation to success. This will be laid out in this writing in order to convey to the reader how a business plan can be of exponential value. A thoughtful business strategy is essential in laying a strong foundation for entrepreneurial pursuits.

Keywords: Business Plan, Small Business, Success, Individual, Financial, Company