Business planning: A prerequisite for every business
Business planning is the most misunderstood tool in small business entrepreneurs, family-run business or sole traders. This tool has only become a necessity for these businesses only when they are sourcing funding for their projects. Business planning is a prerequisite for every business no matter how small and even when no outside sourcing of funds is required. According to Forbes, start-ups' failure rate of businesses is 44%, and the main reason boils down to a lack of proper preparation. For a business, preparation starts with business planning. What is business planning? To plan is to decide on and make arrangements for in advance. A plan is a roadmap that details how a desire or goal will be achieved. The Business Dictionary defines a business plan as a written account of the intended future course of action aimed at achieving specific goals or objectives within a particular time frame. A business exists to fulfil its mission and goals, and therefo...
