7 Compelling Reasons Why You Must Have a Business Plan
Most of us are familiar with the very high failure rate of small businesses. It’s scary and sobering. It’s also preventable. Some of the reasons often given for failure include lack of ‘experience’, ‘capital’, ‘planning’, ‘a risk management strategy and contingency plan’, ‘vision’, ‘personal and fiscal discipline’, ‘cash flow’, ‘personal and professional networks’ (Your network is your net worth), ‘a clearly defined niche market’ and ‘life plan’ (knowing what you want for your life and building your business around it). Other reasons include poor ‘financial…