Why Business Plans Fail

The lack of a business plan is frequently cited as the leading cause of small business failure. I would suggest that a business plan could also be a contributing factor to failure. Most business plans are detailed and present clear goals and a defined path to reach those goals. Unfortunately, many business plans are written…

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The Importance of a Business Plan for a Small Business

A small business owner who has not yet prepared a formal business plan may be taking an unnecessary risk. A well-written, thorough plan will help entrepreneurs organize their thoughts and identify important aspects of the business that they might otherwise overlook. According to The Small Business Administration (SBA), one of the major benefits of developing…

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