Why business plans are still essential

04/8/2013 | USA Today

A recent trend emphasizes business models over business plans. A model is a sketch of how your business will operate, while a plan is a detailed blueprint. But a brief model is not enough, writes Rhonda Abrams, president of The Planning Shop. A model "overlooks planning the structure you need to execute your idea, leaves out marketing and, most important, eliminates the vital process of developing financial projections," she writes.

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