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September 2008 Issue
During the process of growing a business, entrepreneurs, business owners and managers are often faced with the question of whether to bring in an outside business consultant. This can be an especially challenging decision for entrepreneurs, who are by definition independent and self-reliant. However, it's important to recogn...
 

There have been many articles written on the subject of why businesses fail, and most of them point to the same reasons, such as:

• Inadequate funding
• Bad location
• Lack of a well thought-out business plan
• Poor execution
• Bad manageme...

 

1. To prove that you're serious about your business.
A formal business plan is necessary to show all interested parties -- employees, investors, partners and yourself -- that you are committed to building the business.

2. To establish business milestones.
Th...