This is from Six Startup Tips Every Business Needs, by Michael Potter, on Achievement Radio. One of the tips is “Establish a Strong Business Plan,” as follows:
It’s surprising but even today, many people still think that
developing a strong and dynamic Business Plan is a mostly-academic
exercise that has little practical place in the market today. But
nothing could be farther from the truth.
A well-crafted Business Plan should be the bedrock foundation of
your business. It encompasses your vision, your message, your
organization, your marketing, and even your financing. Without a
written and specific Business Plan, a capital loan application has
little credibility. However, with a Business Plan that is
specific and well thought out, lenders have a much better picture of
what you have in mind, and frankly, so do you.
You see, most business owners get what I like to call ‘Widgetitis’ –
meaning that they get caught up in their widget concept and get so
involved in its development that they ‘underwhelm’ potential Lenders
when it’s time for the financing to get the business along its path.
That’s well written. I agree.