Why is it important to develop a business plan?

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• It will document the "five anchors" noted earlier,including key issues such as the opportunity,the buyer and user,the market and competition,the economics and financial characteristics of the business,and the likely entry strategy.
• It communicates to and helps persuade stakeholders,financial backers,team members,key new hires,directors,brain trust prospects,and strategic partners.
• It will provide a roadmap for accountability around company performance.
• The collisions between founders and investors that occur during meetings,discussions,and investigations reveal a great deal to all parties and begin to set the mood for their relationship and negotiations.

Why Is It Important to Develop a Business Plan