Business Essay We also provide tools to help business' grow, network and hire. A thoughtful and well- organized business plan is essential to the success of a business. The business plan identifies the goals of the business, defines the methods for achievement, provides a benchmark for measuring success, and is a requirment when applying for grants, fellowships or other types of business funding.
Other studies of the value of a business plan have focused primarily on the business plan' s use as a vehicle for securing funding. Singhvi ( ) studied 24 small businesses and their business plans and found more than 70% used the plan primarily for financing. Successful business plans that impress investors are seldom written on the back of a napkin.