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Size your business plan to fit your business. Remember that your business plan should be only as big as what you need to run your business.

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

If you are seeking finance for your business, you will need to show banks and investors why they should invest in your business. Lenders and investors will only risk their time and money if they are confident that your business will be successful and profitable.

Developing your business plan helps you to step back and look at what is working in your business and what you can improve on. If you have employees, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements. Your employees will value this opportunity to contribute to the business.

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