Small-business owners are often seized by a vision and driven to see it through. Yet a vivid image in the mind’s eye is a sketchy road map at best.
Creating and updating a business plan is critical for smaller companies, yet many owners do so only to appease lenders and investors. Blame it on the rugged individualism common to entrepreneurs. They’re not averse to setting up a plan, experts say, but often avoid adhering to one, fearing it will lead to inflexibility and conformity.…
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