The Importance of Planning in the Establishment of a Small Business

Topic: Business Planning Words: 304 Pages: 1

To successfully establish a small business or an entrepreneurial venture, it is important to devise a thorough plan where each of the stages is carefully designed. A business plan should consider all the elements of the venture, from the specific tactics to the consideration of the competitive strategies for the successful growth of a business. To elaborate a working plan, an entrepreneur should understand the specifics of the product or service being sold.

Responsible leadership is the key to the strategic planning of a new company. Small-business owners might have a thorough knowledge of the product but lack the necessary skills to devise an operational business plan (Turner & Endres, 2017). Furthermore, there is a direct correlation between a poorly developed strategic plan and the failure of the venture on the market (Turner & Endres, 2017). A well-organized plan is critical in the execution of a small business or an entrepreneurial venture, otherwise, the chances of failure are much higher.

Attempting to start a new business, entrepreneurs need to consider competitive companies on the market. The development of a working plan enables a small venture to grow fast and perform well by surpassing the competitive firms with similar products or services offered (Turner & Endres, 2017). A well-developed business plan has a positive impact on the future of a small enterprise, as it allows for faster growth in comparison to competitors with weaker strategies.

The sustainability of a small venture is an important factor to consider for business owners since the development of a working strategic plan helps maintain an enduring company. The sustainability of a business means not only fewer challenges during the progress of an enterprise but also the ability to adapt to the changes in the market. The strategic planning of these potential events helps avoid adaptability issues in the future.

Reference

Turner, S., & Endres, A. (2017). Strategies for enhancing small-business owners’ success rates. International Journal of Applied Management and Technology, 16(1), 34–49. Web.

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StudyCorgi. (2022) 'The Importance of Planning in the Establishment of a Small Business'. 27 August.

1. StudyCorgi. "The Importance of Planning in the Establishment of a Small Business." August 27, 2022. https://studycorgi.com/the-importance-of-planning-in-the-establishment-of-a-small-business/.

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StudyCorgi. "The Importance of Planning in the Establishment of a Small Business." August 27, 2022. https://studycorgi.com/the-importance-of-planning-in-the-establishment-of-a-small-business/.

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StudyCorgi. 2022. "The Importance of Planning in the Establishment of a Small Business." August 27, 2022. https://studycorgi.com/the-importance-of-planning-in-the-establishment-of-a-small-business/.

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