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 development of strategies to meet those goals. A business plan is an effective tool used by businesses to organize these goals and objectives into a coherent format. It can be defined as operating a company on 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 comprised 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 and even surpass their goals. © 2002, MCB UP Limited
CITATION STYLE
Hormozi, A. M., Sutton, G. S., Mcminn, R. D., & Lucio, W. (2002). Business plans for new or small businesses: paving the path to success. Management Decision, 40(8), 755–763. https://doi.org/10.1108/00251740210437725
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