BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Another study (2) found that companies that plan grow 30 percent faster than those that don’t plan. This study found that plenty of businesses can find success without planning, but that businesses with a plan grew faster and were more successful than those that didn’t plan.

Detailed explanation-2: -A financial plan is the most important thing a small business needs. It’s a road map, a guideline, a reminder of what your goals are–what you are trying to achieve in the short-term and the long-term. It lays out what your possible costs are, and it seeks out to address avenues for how to manage these costs.

Detailed explanation-3: -Without planning, there will be no mission statement and no vision. Employees are most productive when they understand the bigger picture behind what they are doing, so productivity will decrease.

Detailed explanation-4: -A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business.