We continue with our series of “how-to” articles on starting your small business and this week we will look at how having a plan can help you start your business, and begin its growth life-cycle.
It never ceases to amaze me that there are studies after studies that are conducted in various countries and years apart that come up with the same result.
Invariably about 80% of startup businesses are no longer in existence within 4 or 5 years of startup. Many of these studies dig deeper – and find that the number one cause of why people think their business failed is because they did not have a Business Plan.
We know this. Yet the cycle repeats itself.
So, you heard it here – if you are starting your small business, prepare your Business Plan.