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Don’t overlook the importance of a business plan

On Behalf of | Sep 1, 2021 | Contracts

Many business owners in New York have spent years designing and building their business to make it a successful operation. There are many different aspects of a business that a business owner needs to deal with but one of the more important items is creating and maintaining a business plan.

A well-written business plan is an important tool for any entrepreneur or business owner. There are several reasons why a business owner should have a business plan. These include:

  • To secure financing. Most business will require a loan from a bank or investment from venture capitalists and these people will require a business owner to show them their business plan before they loan the money. A business plan is typically a requirement for securing outside financing.
  • Help with critical decisions. One of the primary purposes of a business plan is to help a business owner make decisions. A business plan allows a business owner to make critical decisions ahead of time. A business owner needs to think about marketing, products you will sell, determining core strategies, etc. to create a business plan and these decisions can help a company in the future.
  • Iron out any kinks. No matter how amazing an idea a business owner has, taking the time to plan it out may show that there are some problems with their ideas. A business plan allows a business owner to have more realistic expectations and better determine if there are any gaps in their strategy.
  • Avoid mistakes. There are several mistakes a business can run into but with a business plan in place those mistakes can be avoided.

A legal professional who is skilled in New York business law can help their client through the start up phase, creating a business plan, and with any legal issue that arises when they are established. An attorney can be a helpful expert for a company when a legal matter affects their business.