The Age of the Customer is disrupting and making obsolete many older practices, but not the requirement for business planning, especially cash flow.
A business plan is the result of thinking, researching, strategizing and reaching conclusions about how to pursue opportunities. It may exist only in the head of the planner, but it’s better when written down.
Whether elaborate or simple, a written business plan is an assembly of facts, ideas, assumptions, and projections about the future. Here are three ways to use a written plan:
1. Document the due diligence on a new business venture or the future of an existing one.