By: Jeanette Mulvey, BusinessNewsDaily Managing Editor
While it may sound complicated, a business plan is nothing more than an organized outline of your idea of how your business is going to function. And experts agree: you need one.
“A business plan is like a road map,” explained James Jacobs, the retired president of a Dallas-based financial services firm and a SCORE (Service Corps of Retired Executives) advisor. “It’s a road map that helps you identify where you want to go and how to get from point A to point B.”
A business plan should include a variety of pieces and some will be more detailed than others depending on the kind of business you’re running and your reason for writing the business plan.
There are certain pieces of the business plan that are must-haves: