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“If you fail to plan, you are planning to fail!” This famous quote from Benjamin Franklin proves true when it comes to business.
Business planning is critical for any organization’s success. A well-crafted plan creates a roadmap of success for your company and marks out strategic tactics to achieve your goals. Devoting time to planning can lead to more long-term sustainability and keep your company on track. A common thread in failed businesses was a reported, “lack of business planning.” A study conducted by the Bureau of Labor Statistics showed 20% of small businesses fail in their first year and approximately 50% in their fifth year.
So, what exactly does business planning entail?
Key components comprising a successful business plan include:
Establishing realistic goals and allocating the time and resources to achieve these objectives also allows your business to establish Key Performance Indicators (KPIs) more accurately.
Whether you’re a veteran in your industry or a brand-new start-up, business planning is essential to navigating a path to success. It also serves as a tool to attract investors – if a plan is in place with realistic profit margins, it offers potential investors a sense of security in your business.
In closing, a business plan helps to identify potential challenges and opportunities while developing strategies to address them. Developing a comprehensive business plan allows you to enhance company operations to achieve long-term growth, profitability and ultimately sets your business up for success.
You’re invited to sign up for our newsletter!
We send out newsletters once a month and they’re full of industry information, marketing tips and more!
You’re invited to sign up for our newsletter!
We send out newsletters once a month and they’re full of industry information, marketing tips and more!