Learn the essential elements for preparing a plan for business success by identifying content and format for a business plan--including sources of information to aid in its development. You should understand that a business plan is a valuable internal tool, even when not required for the benefit of investors or loan officers. 

A business plan may force you to think about your idea in new ways and to question the validity of your product/service target markets. It can serve as a guide or benchmark to allow you to track your progress and to stay committed to your long-term goals. If you have partners, it can help avoid misunderstandings. It will help you to better describe and to speak more concisely about your company. All these elements of a business plan can contribute to successful implementation of your business idea.

After earning a PhD in Chemical Engineering, Grant Wilson spent 42…