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Chapter 3: The Role Your Business Plan Plays - Pg. 47

Chapter 3 The Role Your Business Plan Plays Entrepreneurs and owners of businesses at all stages of growth know that ef- fective business planning is critical to a company's long-term success and its ability to raise capital. As a result, much has been written by bankers, account- ants, consultants, and academicians on the preparation of a business plan. Yet it seems that the more information there is, the more confused people get about what a business plan should include. There's no one "right answer." A busi- ness plan should tell a compelling story, make an argument, and conservatively predict the future, and companies have different stories to tell, different argu- ments to make, and different futures to predict. It has been said that failing to plan is planning to fail. Opportunity clearly favors the prepared mind. 47 American Management Association www.amanet.org