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Question:   Why is business planning important?

Answer:   Planning is perhaps the most vital part in the process of starting or growing a business enterprise, but is often the most neglected. A business plan is a management tool that outlines the goals and objectives of the enterprise, how those objectives will be achieved by management, and the resources that are required to accomplish the goals. A business plan is also an instrument for raising capital and securing the financing needed, short-term and long-term. A plan can also save you costly mistakes that normally arise due to poor decision-making and improper planning. Always seek good counsel in your planning and have your plan reviewed by a trustworthy advisor. To see an example of a business plan outline, vist the following website: http://www.sba.gov/starting/indexbusplans.html.

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