How to Start Planning Now for Your Own Business in 2024
WASHINGTON, Dec. 13, 2023 /PRNewswire/ -- Half of new businesses fail within the first five years, and poor business planning is a contributing factor, according to the U.S. Chamber of Commerce. Those first few years are crucial, which is why SCORE – mentors to America's small businesses – recommends entrepreneurs build their business on the foundation of a strong business plan.
- "Creating a business plan is essential for small business owners as it helps outline and set clear goals and objectives for the business," explains SCORE mentor LaRita South.
- Additionally, a well-crafted business plan can attract investors, secure funding, and provide a roadmap for long-term success."
- A business plan typically has four sections: the executive summary, business details, financial forecasts and supporting data.
- The summary does just what the name implies: sums up all the information in the business plan.