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Business planning is a vital component of running and building a successful company. While the planning process is arduous and requires a tremendous amount of time, once the investment has been made, it is quite easy to update the plan annually. This outline is by no means all-inclusive, and it will not apply equally to all businesses. Care should be taken to determine suitability for your particular situation prior to beginning the planning process. The guiding principles for writing a sound business plan are: The plan must be succinct. It must also be written in a way that is easy to read and understand. Your plan has to communicate the strength and depth of your management team.
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