Business plans for new or small businesses: paving the path to success

  • Hormozi A
  • Sutton G
  • Mcminn R
 et al. 
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Abstract

Planning plays an important role in determining the degree of success realized by a new or small business. Essential elements to business success are identification of goals, followed by develpoment of strategies to meet those goals. A business plan is an effective tool used by businesses to organze these goals and objectives into a coherent format. It can be defined as operating a company in paper. No matter the size or stage of development, companies use business plans to improve internal operations and to describe and market the business to potential outside financiers. A business plan should not only reflect the individuality of the new business but should also follow a standard format. This format is compried of four major sections: introductory elements, business section, financial statements, and the appendix. This paper seeks to address that utilizing business planning as a tool will allow new or small businesses to achieve even surpass their goals.

Author-supplied keywords

  • Business plan
  • Entrepreneurship
  • Marketing planning
  • New product development
  • Small firms

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Authors

  • Amir M. Hormozi

  • Gail S. Sutton

  • Robert D. Mcminn

  • Wendy Lucio

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