Intentions will get you nowhere when it comes to creating a business plan. You must write down your plans and goals and then commit to meeting them for it to have any effectiveness at all. The power of putting goals in writing goes beyond the business world and is a well-known fact in human psychology. In fact, a recent study indicates that people in a control group who recorded their goals were 42 percent more effective in reaching them than those who did not.

Why Writing Down Your Business Plan Increases the Likelihood of Success

If you have ever doubted the importance of recording your business intentions, consider for a moment how your brain works. When you simply think about what you would like to accomplish in business, you are only using one of the two hemispheres in the brain. However, thinking about it and writing it down forces you to use both hemispheres, thereby increasing the likelihood that you will follow through with what you have decided to accomplish. Research also indicates that telling even one other person about your intentions makes it even more likely that you will succeed.

What to Include in Your Business Plan

According to the Small Business Administration, your business plan should start with an overview of the entire document. From there, be sure to include information about your products and services, the plan you have established for sales and marketing, an analysis of the marketplace you plan to enter, an analysis of the competition, and your financial plan to include future projections.

If you need assistance putting your business plan together, feel free to contact the team at 5 Star Funding Group. We understand that putting your intentions to paper can be difficult, but we also know that you will be pleased that you did and that you seek help with something this important.