Business Plan: Conclusion
AAA
  1. Business Plan: Introduction
  2. Business Plan: Do You Need One?
  3. Business Plan: Describing Your Business
  4. Business Plan: Composing Your Executive Summary
  5. Business Plan: Analyzing Your Industry
  6. Business Plan: Marketing And Sales
  7. Business Plan: Your Organizational And Operating Plan
  8. Business Plan: Your Financial Plan
  9. Business Plan: Presenting Your Plan
  10. Business Plan: Conclusion

Business Plan: Conclusion

By Amy Fontinelle

A business plan is not just a lengthy document that helps you obtain financing. It's truly a thorough examination of whether your business idea is viable. Preparing your business plan in the early stages of developing your business can save you a great deal of time, money and heartache by showing you where the weaknesses in your idea lie and giving you a chance to correct them before you make any serious mistakes.

For example, in the process of putting together your business plan, you might discover that you haven't really thought enough about your marketing budget or you haven't done enough research on government regulations that will affect your business. In putting together your plan, you will be forced to examine your business from the viewpoint of the skeptical potential investor and the skeptical potential consumer, not just from the perspective of the enthusiastic entrepreneur.

Once you've completed your initial plan and, hopefully, obtained the investment or loan you were seeking, keep in mind that your business plan should be a living document. Don't just store your business plan on a shelf and never look at it again, thinking that it has served its purpose. You will want to revisit your plan from time to time, dropping some components and adding others as you learn what works for your business and what doesn't. As your business evolves, you'll find that older versions of your plan provide a helpful reminder of how far you've come. As a bonus, continually updating your plan will put you ahead of the game if you later need to secure additional financing.

There's no question that putting together a good business plan takes a tremendous amount of work. But if you do it right, your effort will pay off. (For more small business tips, see Start Your Own Small Business and Starting A Small Business In Tough Economic Times.)


  1. Business Plan: Introduction
  2. Business Plan: Do You Need One?
  3. Business Plan: Describing Your Business
  4. Business Plan: Composing Your Executive Summary
  5. Business Plan: Analyzing Your Industry
  6. Business Plan: Marketing And Sales
  7. Business Plan: Your Organizational And Operating Plan
  8. Business Plan: Your Financial Plan
  9. Business Plan: Presenting Your Plan
  10. Business Plan: Conclusion
RELATED TERMS
  1. Cost Test

    A standard test applied to a process to determine if the net ...
  2. Enterprise Investment Scheme (EIS)

    A UK program that helps smaller, riskier companies to raise capital ...
  3. Per Transaction Fees

    An expense a business must pay each time it processes a customer’s ...
  4. Operating Cost

    Expenses associated with administering a business on a day to ...
  5. Path To Profitability (P2P)

    A clearly defined route to profitability as described in a business ...
  6. Freelancer

    A freelancer is an individual who earns money on a per-job or ...
  1. What is the relationship between research and development and innovation?

    Understand what research and development is and why a company or person would want to conduct it. Learn about how it can ...
  2. How does the notion of the American Dream influence the US economy?

    Learn about how the American Dream has influenced the U.S. economy. The American Dream is the idea that anyone can make it ...
  3. What are the most common business deductions and expenses for small businesses?

    Learn about some of the most common business tax deductions available to small businesses that can reduce net business expenses.
  4. What are the differences between product bundling and product lines?

    Understand the differences between product bundling and product lines. Learn why a company would want to expand its product ...

You May Also Like

Related Tutorials
  1. Entrepreneurship

    Implementing A Small Business Social Media Strategy

  2. Entrepreneurship

    Starting A Small Business

  3. Options & Futures

    Roth IRAs Tutorial

  4. Entrepreneurship

    The Greatest Investors

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!