Business planning all-important for new enterprises

Wednesday 23 October 2013

Having a strong business plan is crucial when starting up a company, it has been claimed.

According to SmallBusiness.co.uk, many people enter business without carrying out the necessary preparation.

And this potentially creates difficulties for them and their new enterprise when faced with unforeseeable events.

The news provider said it is "surprising" to see how many businesses do not have a clear vision of their future.

"If you are only focused on today, without considering next month and beyond, then it is highly possible that you do not have a true business plan," it stated.

SmallBusiness.coo.uk urged entrepreneurs to think of business creation as "a road map", to be followed with a particular destination in mind.

"Your business plan only need have the objectives you want to achieve and how you plan on getting there," it said.

Some 99 per cent of companies in the UK in 2013 can be classed as a small or medium-sized enterprise.

To find out more about starting up a business, click here.

Posted by Steve Williams