The Wyoming Companion -- Wyoming Business & Eduction

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Many business owners ask themselves this question. Business plans are important for several reasons. They help businesspersons manage their businesses more effectively, they are necessary for borrowing money or finding investors and they provide direction for a business as it grows.

Unfortunately, a business plan isn't something that can be written once and hidden in a desk drawer. It's also not something that can be written in a few minutes; it can take 50-200 hours to research and write a good plan. The business plan should be updated at least annually to reflect changes in the business and in the economic environment. It should be kept in a prominent place and reviewed regularly. It may need to look differently to an investor than for a banker, owner or employee.

Many small business owners are at a loss about where to find the information they need for a business plan, after all, it's a projection of what they anticipate will happen in the future. A good starting place is the Small Business Development Center (SBDC). The SBDC counselors can provide guidance on writing the plan and where to find necessary information, and can assist with financial projections. SBDC counselors also can request market research from the Wyoming Market Research Center. There may be business planning classes available in your area and the SBDC also has a free, online business planning template.

To find the SBDC counselor in your area either go to the WSBDC Web page at www.uwyo.edu/sbdc or call 800.348.5194. SBDC assistance is free and confidential.