Topic > Essay on Founder's Dilemmas - 886

“Start planning from day one and continue planning throughout the life of your business. Adjust your plan as your business grows and as events warrant” (Sullivan 64). Planning is important and when planning a small business, it is important to look into the future and make any necessary changes. This is why many companies close their doors, because they fail to adjust and plan for, for example, change in technology and customer demands, according to Sullivan. Steven D. Strauss advocates the importance of having a structured business plan. The business plan is a business project. The business plan will help analyze any risks and opportunities. Writing a business plan will support the company's values ​​and mission. The business plan will help in projected startup costs, projected sales, marketing, and understanding the competition. The business proposal will also help you get money from potential investors. Writing a business strategy is not only necessary for analyzing the business, but is vital for success, as it will help determine whether your business will be profitable. A business plan should consist of the following: title page, executive summary, contents, business description, management, industry description, competition, marketing strategy, sales forecast, financial analysis, exit strategy, and appendix. These subtopics cover several areas important to your business; these subtopics will help to better understand the concept(s) of the new factory. Having a structured business plan can minimize risk and attract potential investors. As the facility grows, it will be critical to update and rewrite the plan, as this will benefit the business and keep it on track. Furthermore, having created the roadmap for your business will help to acquire the right investors for your type of business and/or at least identify any strengths, threats and/or