Written Business Plan

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A good business plan provides structure and guidance for every aspect of your venture, and can help save you time and avoid financial mistakes.

It can also be instrumental in helping you lock in funding for your venture while providing milestones and goals to measure your progress.

Klein stated that the document doesn't need pages and pages of text; rather, it can include images, infographics and specifics "so that it can be used as a point of reference at any point in time to ensure that the business is on the right path and is meeting its goals." Your plan is there for a reason.

Don't be afraid to refer to it as much as possible — think of it as checking the map when you've made a wrong turn.

It is important to consider every worker's input to ensure that the outcome is something that's pleasant to all.

You don't need to have an over-the-top, elaborate document with fancy formatting or flashy decor.

However, if you're going to take a leap, make sure you first test the water.

"Don't get mesmerized by the attractive macro data you can find on the web," said Dr.

"Too many companies treat it as a confidential document to be kept away from the 'prying eyes' of the rank-and-file employees.

I believe the business plan should be shared, discussed and amended where appropriate, through an open loop of feedback and insights." The more people who are involved, the more ideas you can circulate around the company, Cohen said.

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