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Business plans for new or small businesses: paving the path to success

Amir M. Hormozi (College of Business, Texas A&M University‐Corpus Christi, Texas, USA)
Gail S. Sutton (Center for Coastal Studies, Texas A&M University‐Corpus Christi, Texas, USA)
Robert D. McMinn (College of Business, Texas A&M University‐Corpus Christi, Texas, USA)
Wendy Lucio (Halt, Thrasher & Buzas, LLP, Alexandria, Virginia, USA)

Management Decision

ISSN: 0025-1747

Article publication date: 1 October 2002

Abstract

Planning plays an important role in determining the degree of success realized by a new or small business. Essential elements to business success are identification of goals, followed by development of strategies to meet those goals. A business plan is an effective tool used by businesses to organize these goals and objectives into a coherent format. It can be defined as operating a company on paper. No matter the size or stage of development, companies use business plans to improve internal operations and to describe and market the business to potential outside financiers. A business plan should not only reflect the individuality of the new business but should also follow a standard format. This format is comprised of four major sections: introductory elements, business section, financial statements, and the appendix. This paper seeks to address that utilizing business planning as a tool will allow new or small businesses to achieve and even surpass their goals.

Keywords

Citation

Hormozi, A.M., Sutton, G.S., McMinn, R.D. and Lucio, W. (2002), "Business plans for new or small businesses: paving the path to success", Management Decision, Vol. 40 No. 8, pp. 755-763. https://doi.org/10.1108/00251740210437725

Publisher

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MCB UP Ltd

Copyright © 2002, MCB UP Limited