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The Importance of Planning By Michael Warchala We often have new entrepreneurs ask us, “do I need to write a business plan?” Well, if you want to have the best chance at a successful venture, a business plan is a great tool to have. So, it’s definitely something we recommend you prepare. This doesn’t just apply if the business requires outside financing. It also helps you to develop as an entrepreneur. It’s not something you should put in your drawer and never look at again. Consider the business plan like a resume for your business. It should be something you update regularly (i.e. once a year). See what

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has worked and what hasn’t. Do you need to make any adjustments or edits? Did you meet your projected forecasts? If not, were they realistic? And what can we change to reach those in the coming year? The plan doesn’t have to be a 40-page document – some of the best plans we’ve seen come in under 10 pages. Remember that age old phrase, “quality over quantity.” Strong research on your target market, good competitor analysis, and an effective marketing plan will take you a long way in achieving business success. BL Michael Warchala is a small business consultant at the Niagara Falls Small Business Enterprise Centre on 4343 Morrison Street in Niagara Falls. For more information, contact Michael Warchala at 905.356.7521 x5004, email mwarchala@niagarafalls.ca or go to niagarafalls.ca/business/small-business.

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442 MILLEN RD UNIT 12

4343 Morrison Street Niagara Falls, ON L2E 6Z9

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smallbusinessoffice@niagarafalls.ca www.niagarafallsbusiness.ca

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Profile for Business Link Media Group

Business Link ~ August 2019  

Business Link is a resource for local businesses. A Word About the New BUSINESS LINK No, you're not imagining things. This is the "Business...

Business Link ~ August 2019  

Business Link is a resource for local businesses. A Word About the New BUSINESS LINK No, you're not imagining things. This is the "Business...

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