Three quarters of all small businesses fail within the first two or three years of opening.Business owners who put together a business plan, and structure planning and strategizing as a formal function of their regular business activities, are more likely to succeed and avoid failure.Even if they do not fail, they will make more profits than if they did not have a plan.What makes small businesses very vulnerable is the fact they do not have the resources to take them through tough times or bad mistakes as larger companies do.It is even more critical for a small business to understand their market and plan their limited resources accordingly to react quickly to changes, and to avoid critical business errors that could fold their company in a heart beat.These statements alone should encourage every small business owner to learn and master the business planning process.Business Planning is not just for borrowing moneyThe only time that many owners/managers produce a plan (even successful businesses) is when they go to their bank or investors to ask for money.After the loan requirements have been satisfied, the plan usually gets filed away in a cabinet and never reviewed again until the next time they need… Read full this story
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