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What is a business plan and why do I need one?

A business plan defines the nature and scope of your business, quantifies your product mix/volume and/or service type/scope goals, and serves as your company’s resume. It describes the marketing, sales, operational, and financial aspects of a business. It is the roadmap annotated with the course you will pursue to achieve your goals. Because it provides specific and organized information about your business and how invested/borrowed money will be returned/repaid, a good business plan is a crucial part of any investment prospectus or loan package. Additionally, it tells personnel, suppliers, and others about company operations and objectives. SCORE has developed comprehensive business plan templates that you can use in creating and maintaining your plan for either a new or established business.