Starting a small business is often an overwhelming and unpredictable venture, a sure fire approach to improve profitability is developing a solid business plan. Developing a business plan will enable you to effectively execute your financial, marketing, legal, and management strategy. An inadequately developed business plan generally leads to a failing business. A business plan outlines your business strategy; the industry, business structure, products or services you will provide, and how you plan to make …showed first 75 words of 1006 total…

…showed last 75 words of 1006 total…support. Your marketing strategy will address product development and placement, customer needs and potential profitability. A good strategy helps a business focus on the target markets it can serve best. The legal strategy will outline how to prepare and protect your new business. In addition, a management plan will allow you to clearly define what the roles of partners or employees, including family members. A business plan is clearly an invaluable tool for all entrepreneurs.