IIf you are trying to attract bankers, venture capitalist or just regular investors, you will definately need a business plan.It will also help you to be more efficient in applying the steps neccessary to get your business off the ground the right way. The plan is just a guide, so you will still have to apply good management skills to move yur business forward.
If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one.
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Planning for Success 