Monday, August 15, 2011

Effective Business Plan for Small Businesses

"If you fail to plan, you are planning to fail" isa quote by Benjamin Franklin.

However many small business do not start with proper planning. Most start-up entrepreneurs are categorized in the “accidental entrepreneurship” category where things happen as they happen, where fire-fighting is a norm and future is unpredictable.

Having spoken to many small business owners, I have come to realize that mainly due to the lack of capacity and business management skills, small businesses consider business planning a useless and time consuming exercise. They do not realize that an effective business plan helps businesses understand risks and define a pathway to success.

Simple business plan is a sketch of what the business would look like in due course, often called a blueprint for creating a successful business. For small businesses, there is no need for anything too complex. Their business plan is an equation of resources (financial, human, intellectual), inventory/service, market, marketing and in the end projected profits.

It is your business and you should prepare a plan to make it successful!
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