In fact, scientific studies have shown that many successful businesses planned ahead. Nonetheless, it is an excellent exercise and decision-making tool, and will help you flesh out a solid business strategy. If all you needed to succeed was a business plan, then everyone with a business plan would be successful. That said, does a business plan guarantee success? Sadly, it does not. Whichever you choose, writing a business plan can give you a roadmap, guiding you through each stage of starting and managing your company, and can help convince people to invest in or lend to you. There are many different types of business plans, however, each type generally falls under one of two categories: traditional or lean startup. Not only that, having everything documented will help show others that you have a good idea on your hands, one worthy of investment-whether that be labor or capital. Do you always need a written business plan? Keeping track of every part of your business in your head is an impossible task, and the components of cash flow–sales, costs, expenses, assets, liabilities, capital, and profits–are much easier to understand and manage when laid out in an organized way.
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