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Harvard University conducted a survey with over 1,600 businesses and found out that 70% have no written or verbal business plan, 27% had verbal goals and 3% had a written business plan. The same survey also showed that 98% of the wealth was created by those 3% who had a business plan.

I would like to share with you 5 Reasons why itís Important to Create a business plan.

1. Tax Savings. If presented with your business plan at the beginning of the year, your tax preparer may be able to help you get better deductions.

2. Vision: How does your business looks like in the future? Unless you plan ahead and make it part of your business plan you may never get there.

3. Awareness: A well prepared business plan includes all your expenses (personal, family and business). Once you know how many transactions you need in order to live the life you want to live, you can get to work and just concentrate on doing what you need to do in order to fulfill your plan.

4. Direction: Your business plan should be like a GPS for your career. Why do we look up addresses on Map quest or program our GPS before going to a showing? Well, we donít want to look unprofessional or unprepared or waste our time by getting lost; a business plan will do the same for your business. It will tell you if you are on or off track and how far you have to go before reaching your destination.

5. Failure to plan is planning to fail. We are in this business because we want more out of life than just what a job can provide. We want to be successful; we are not in it because we want to fail. Unfortunately, most sales agents never reach their full potential, not because of lack of willingness, but mainly because of the lack of planning.

However even the most detailed business plan will never work without persistence. Remember: "Nothing takes the place of persistence, talent will not, genius will not, education will not, Persistence and determination alone are omnipotent.Ē Calvin Coolidge.

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