"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!
Read Details here
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!
Read Details here
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