A well-written business plan can be a game changer for any business. Taking the time to properly plan and articulate your business’ goals and objectives and how you are going to meet them will give you the best chance at achieving business profitability.
By the end of this topic, you will understand:
- The purpose of business planning
- How to articulate a business’ goals and objectives
- The differences between goals and objectives
- The plan-building process
Sub Topics
Benefits of business planning
One of the key benefits of business planning is in the process itself. It will force a business owner to carefully examine all aspects of a new or existing venture and understand the enterprise more thoroughly and how it can be improved or developed into the future.
Some of the benefits of business planning in a small business include:
- Exploring alternative options to current challenges (financial, employees etc.)
- More efficient use of resources (assets, money and people)
- Improved sales
- Reduced costs
- Improved cash flow challenges
- Faster decision making and boost productivity
- Improved employee morale
- Ability to attract talent staff
- Ability sharpen competitive edge
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