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Why Your Small Business Needs a Business Plan

posted on Tuesday, December 11, 2018 in Business

image of people collaborating to make a plan.

It doesn’t matter if you launched your business one year ago or ten years ago, making the time to write or update your business plan allows you the space to reflect on your mission and vision to help identify business goals and strategies.

You have probably spent hours crafting a business name, mission and vision that embodies the products and services you provide your customers. Just as much energy and thoughtfulness should be put into your business plan. Planning puts you in the driver’s seat to guide the direction and success of your business. And it allows you to take a step back and reflect on what is working for your business and what isn’t.

A Financial Services Roadmap

If you are seeking financial services, many banks will require that you have a business plan in place before they enter into a relationship. A business plan provides projections for gross sales and outlines anticipated expenses. Sharing your business plan with your banker helps them understand your business’ assets and liabilities. It also helps guide their initial conversation with you to discuss the type of financial services your business would benefit from.

How-to Get Started Writing a Business Plan

If your business does not have a business plan, there are number of free resources available to help you. Small business owners can connect to resources in their community through the Small Business Administration (SBA). The SBA has a network of small business development centers, women’s business centers and business mentors that are available to help you one-on-one to develop a business plan.

SCORE, a program of the SBA, provides small business communities with mentoring and educational opportunities. SCORE has a free downloadable business plan template that walks business owners through every step of writing a business plan. Once your business plan is complete, you can contact your local SCORE mentor to review your plan.

A business plan is an invaluable resource for your small business. It’s important to take the time to think about your business goals and begin to write or update your business plan.

Northwest Bank is ready to support your small business, contact one of our business bank representatives today.

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