Business Planning

We have all asked "why do we need a business plan", although "I" know what and how to do the business. To answer that question in one line - "If you fail to plan, you plan to fail".

The business plan is just a plan - to produce profitable or prosperous business. Having a plan is not sufficient to achieve the objectives stated. It provides as a driver to achieve the objectives stated. The onyl way to see if it really works is to monitor its progress at regular intervals, so that you can respond to any potential problems which may arise and then change or modify your business strategy as necessary.

The busines plan is a very efficient tool for Organizations to focus their ideas, asses their own ability to organize and run the business. Organizations must use the business plan as a yardstick to measure their progress and achievements.

Business Planning is an ongoing activity. Business Plan must be updated perdiocally (usually once a year), the financial budgets and forecasts must be reviewed once a month and the plan must be updated to reflect the outcome of the review.