Best Practices for Creating a Business Plan that Works

Creating a successful business plan is crucial for the growth and sustainability of any business. Here are some best practices to consider when creating a business plan:

Best Practices	Statistics
1. Conduct Market Research	80% of businesses that fail do not conduct market research before creating a business plan.
2. Set Clear Goals and Objectives	Businesses with clear goals are 10 times more likely to succeed than those without.
3. Include Financial Projections	Businesses with financial projections are 30% more likely to secure funding.
4. Define Your Target Audience	Businesses that target a specific audience are 60% more likely to be profitable.
5. Regularly Review and Update Your Plan	Businesses that review and update their business plan quarterly are 20% more likely to achieve their goals.

By following these best practices, you can create a business plan that is effective and sets your business up for success.

Source: Business Insider