Mature businesses often review their business plans annually to benchmark progress and verify that the business is on course to success.
Business plans are used, at every business-maturity level, to obtain loans, secure partnerships and attract the interest of corporate executives.
Business plans also provide a roadmap for operating the business.
Business strategies are specific long-term guidelines for achieving business goals or objectives.
Strategies can include reducing production materials costs, acquiring new business facilities or equipment, and achieving higher market share by selling consumer products in the economic marketplace.
Business owners should consider including business strategy ideas in their initial business plan.
The small business type and industry in which it operates often dictates business strategies.
Each of these functions plays an important role in the small business.
The agency also operates offices around the United States in conjunction with local colleges and universities.
SBA resources include information on writing business plans and creating successful business strategies.