Many small businesses have a love-hate relationship with business plans. Most agree they need one, but the process of creating it can seem overwhelming. Small business owners quickly learn that if they are seeking outside financing, whether through a bank or an angel investor, a written business plan, including financial forms, will be required. But even if a business doesn’t need outside funding, having a business plan allows all owners to be on the same page with the direction of the business. Businesses that have the discipline to review their business plans at least annually find it helps them manage their business.

Read how IT360 looked to the Peoria Chapter of SCORE for business planning and advice here.

Courtesy of InterBusiness Issues » August 2011