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What is a business plan and do I really need one for my small business?

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What is a business plan and do I really need one for my small business?

Answered By Aidon "Hughie" Bilbao, Editor


A business plan is a document that sum up the operational and financial objectives of a business. It primarily defines the structure of the business and contains details of marketing analysis, strategic marketing, personnel, and finance that are all essential in realizing the business objective.

You need a plan for your small business because it will serve as your guide in achieving your business goals. It will also help you organize everything that you have especially on the production and marketing of your products or services. You must have detailed plans for your business, not just an entire estimation.

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