‘Business Dont Plan to Fail. They Fail to Plan’

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A business plan is the ‘road map’ for a business future growth and development, however, the importance of a business plan is frequently underestimated in today’s corporate society; where some fail to produce a business plan and some don’t plan well enough. ‘Business doesn’t plan to fail. They fail to plan’ – this effectively describes the nature of today’s corporate world. It is essential that future business owners and existing business owners understand and establish an extensive business plan outlining its goals, operations, marketing, finance and human resources in order to ensure ultimate business success. The business planning process is not easy and can be quite time consuming. However, the time and money invested into creating a plan is never wasted in the long term as it increases the chances of survival of the business. Visions, goals and objectives are an important part of a business plan as these essentially guide and direct most of the business actions. A vision statement broadly states the business aspirations and thus its purpose and function. The presence of a vision statement is vital as it effectively creates a culture within a business and acts as a benchmark to measure all the businesses decisions and actions. It also plays an important role in terms of continuously leading owners, managers and employees to achieve the initial purpose of the business. A vision statement may also be the constant drive and motivation towards ultimate business success. Once vision statements are created, owners can determine their goals and further break them down towards objectives which may be either tactical or operational. It is essential that a business has clear and concise ideas of how to achieve their financial, social and personal goals in order for them to be successful business owners. Business goals can range from improving market share to contributing

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