Why Create A Business Plan

The way Uber breaks down their market with a simple donut chart makes their biggest segment (a key takeaway) really stand out, while the subtler differences between the smaller segments are still evident.Another part of analyzing market potential is about identifying and understanding target customers.

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As a business owner, you're focused on the day-to-day. You have a vision for your business, where you want to go next, but the daily demands can make it hard to turn your vision into a formal business plan. It's a real-time document that charts where you're going and how you're going to get there. Creating a business plan can be simple with the right tools and guidance, and it can pay off in a big way.

It helps you balance short- and long-term goals, assess customer needs, and size up your competition.

Consider these five reasons why you should create a business plan.

First, a business plan can serve as a guide through your company's life cycle, from startup to growth to succession planning.

You want your information, not your formatting, to be the focus!

In business plan charts, color should be used only to clarify trends and relationships.

These data are easily summarized in a histogram, with bars that represent age group distribution.

If your business has already been operating for some time, investors will expect a detailed report of revenues and expenses.

Outline higher-level budget allocation with an organizational Investors will want to see that you have a concrete plan in place to help you reach your revenue goals.

When formulating your goals, use the SMART principle to provide investors with a very clear vision of how you intend to achieve them.