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Business plan success
Do I need a business plan? Not everyone who starts and runs a business begins with a business plan, but it certainly helps to haveone. If you are seeking funding from a venture capitalist, you will certainly need a comprehensivebusiness plan that is well thought out and demonstrates sound business reasoning. If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a SmallBusiness Administration Administration (SBA) loan, which will require a business plan. If you have an existing businessand are approaching a bank for capital to expand the business, they often will not require a businessplan, but they may look more favorably on your application application if you have one. on e. Reasons for writing a business plan include: Support a loan application Raise equity funding Define objectives and describe programs to achieve those objectives Create a regular business review and course correction process Define a new business
