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The Importance of Writing a Business Plan and Why You Need One

Updated: Jan 24

One of my favourite moments in the TV show Friends is when Monica asks, “Phoebe do you have a plan” and she responds, “I don't even have a pla. [sic]” Although a highly relatable and funny moment, you may not want to have this approach when running a small business.

It’s important to create a clear and well-thought-out plan to ensure your business achieves long-term success. A good business plan can not only help your company stay on track but allows you to clearly identify your goals and how you are going to achieve them. But with all this talk about it, what actually is a business plan? Keep reading to find out what a business plan is and why it’s crucial for the growth of your small business.

Think of a business plan like planning a vacation. It outlines where you want to go, how you’re going to get there, what you’ll need along the way and how you’re covering the costs. A good business plan should outline the company’s go-to-marketing plan, financial projections, business purpose and mission statement. The main purpose of a business plan is to summarize your company’s strategy and help forecast future business demands.

While anyone can have a fantastic business idea, you can set yourself apart by creating a plan that allows your idea to grow and flourish. It will also show your employees and business partners that you are serious and have a clear path to reach your business milestones.

With all that said, sometimes it can be hard to focus all of your ideas into one plan. Here at STEPS, we provide small business planning services that help your company document all of your goals. Feel free to reach out on our website or visit our services tab to learn more about what we can do for your business. We are always ready and happy to help you!

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