All nonprofits, whether submitting their plans to a bank (or other organization) or not, should draw up and maintain a professional, accurate business plan. Like any other business model, nonprofits can fail without proper planning and preparation. However, with the correct tools, resources, and materials, the likelihood that a nonprofit will be successful increases exponentially.
The Basic Business Plan
There are many published guides that help in the process of putting a business plan together. All manuals stress the importance of including in a business plan what the NPO intends to do, how it will go about doing it, and how the organization will remain solvent throughout the years.
