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.
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