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Business plan as a management tool

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Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business. This article is part of a larger series on SBA Loans. Businesses applying for a loan through the Small Business Administration SBA can benefit from a well-prepared business plan. Using an SBA business plan template can simplify the task of creating a business plan for your business.
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What is the Importance of a Business Plan?

Business plan as a management tool
Business plan as a management tool
Business plan as a management tool
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Tool for Successful Business Strategic Planning – Business Management Strategy

Why write a business plan? If you wanted to build a house, you wouldn't walk over to an empty lot and just start nailing boards together. Yet, unlike a house, a business isn't static. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside.
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11 Best Business Plan Software and Tools of 2021 (Reviewed)

Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more. Henri Fayol's management theory is a simple model of how management interacts with personnel.
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In this edited excerpt, the authors briefly describe just what your business plan should contain, how long it should be and how to know if it's time to write it. A business plan is a written description of the future of your business. It's a document that tells the story of what you plan to do and how you plan to do it. But there are some generally accepted conventions about what a full-blown business plan should include and how it should be presented.
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