A formal business plan and adjoining marketing plan may not be necessary for all businesses - but, it does not hurt to have one. You might even uncover new opprotunities for your business.
Prior to starting my business, I ran a business incubator in Texas. One of the many problems we had in growing other businesses was finding them capital. Even in bull economies - accessing capital for new or growing business is a very hard and time consuming task. Thus, through my reaearch in helping my clients - I learn a tremendous amount about my market, my potential customers and the differnet products and services that was out there.
Before starting my business - I did do an informal buisness and marketing plan - cutting out some of the fluff that goes into traditioan plans and focused on the core issues.
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