Additionally, research critical success factors, or important areas to focus on when investing in a project.Klein stated that the document doesn't need pages and pages of text; rather, it can include images, infographics and specifics "so that it can be used as a point of reference at any point in time to ensure that the business is on the right path and is meeting its goals." Your plan is there for a reason.Don't be afraid to refer to it as much as possible — think of it as checking the map when you've made a wrong turn.The very process of developing your plan helps you understand they type of business you'd like to build, and the action plan which you will need to follow.However, there's only one time when EVERY entrepreneur and business owner develops a business plan. Since virtually all lenders and equity investors require a formal business plan.John Mullins, associate professor at London Business School and author of “The New Business Road Test: What Entrepreneurs and Investors Should Do Before Launching a Lean Start-up, 5th ed." (FT Publishing, 2017). talk with prospective customers, suppliers and others in your industry." Even after you embark on your business endeavour, you want to ensure you're attracting and retaining customers before asking for capital, Mullins added."Raising money too soon is a distraction, and has big downsides …Additional templates and resources are available at the following sites: Sammi Caramela has always loved words.When she isn't working as a Purch B2B staff writer, she's writing (and furiously editing) her first novel, reading a YA book with a third cup of coffee, or attending local pop-punk concerts.Preparing a business plan is like outlining an itinerary for a road trip.You'll want to have a clear, objective map that you can follow step by step while developing your business.