Did you know December is National Write a Business Plan Month? Many advice columns for entrepreneurs flippantly dismiss small business plans, calling them unnecessary or urging startups to throw their business plans out the window. The fact of the matter is when you place everything on the line by starting a new business, having a plan, even a very fluid one, is never a bad idea.

If you are thinking of starting a business, or have an existing business with no set plan, there are some reasons why you might want to celebrate National Write a Business Plan Month by actually writing a business plan (a month is, incidentally,  a solid amount of time to draft, revise and perfect a business plan). They include:

  • You may need a business plan to get a loan.
  • You may need a business plan to get credit from suppliers.
  • You may need a business plan to attract investors.
  • A business plan can help you test whether or not your idea is feasible.
  • A business plan can help you understand your competition.
  • A business plan can lay the foundation for business organization.
  • A business plan can help inform marketing and promotion.
  • A business plan helps you stay focused on your goals.

 

Not convinced? Try these eight reasons to write a business plan from BizPlanIt. Ready to get started on your business plan? The SBA has a great resource to help you through every step of the process.