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Back to the Drawing Board

Is your company running smoothly? Then there's no better time to review your business plan and consider what your next move will be.

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This story appears in the August 2007 issue of Entrepreneur. Subscribe »

If you're like most entrepreneurs, you haven't laid eyes on your business plan in a while. Back then, motivated by the prospect of attracting venture capital or securing bank financing, you gave it plenty of attention, poring over projections and getting the words just right. Now, years later, it's collecting dust in a file drawer, and the details within likely bear little resemblance to the business you're currently running. But with sales strong and no immediate need for cash, does it matter?

Yes, if you want to better your odds for success. The business plan is the company's road map and strategic vision for the future. In its first iteration, it's simply a best guess, but later revisions show the business owner what's working, what isn't and why.

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