3 Reasons That Make a Strategic Business Plan Essential

Posted by Richardwhite under Startups
From http://smallbiztrends.com 4003 days ago
Made Hot by: Webdev1 on May 10, 2013 12:25 pm

Do you need a strategic business plan to begin a new venture? The answer depends on how you define a business plan. Every business must have a plan to begin with; but this does not mean that it has to be in a written format. Even a mental construction of a plan can serve as the foundation for your new business.

A study titled the “Pre-Startup Formal Business Plans and Post-Startup Performance: A Study of 116 New Ventures” by the researchers at Babson College displays the fact that there is no significant result in the success of a business started with a strategic business plan and that of a business started without one.

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Comments

Written by AngelBiz
4001 days ago

When it comes to business plan or strategic plan it is the process of writing the plan that is important rather than the end result. It forces you to think about things you may not otherwise and asks you to make difficult decisions that are absolutely necessary when running a business.

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Written by Richardwhite
3933 days ago

I agree with you. It provides you with a concrete version of your abstract business idea. Thanks for sharing your views on this!

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