We may be well into 2023 but it is never too late to write a business plan.
Whatever type of business you have or are planning, being prepared with plans and goals in place will help you start off with a clear road map, motivated and ready to go with confidence and purpose.
I am sure you have heard the quote by Benjamin Franklin “if you fail to plan you are planning to fail” Well sadly it is true. According to The Small Business Association ( SBA) 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. Around only 25% make it to 15 years or more.
One of the main reasons for these disappointing figures is business planning problems. Another major factor is not investigating the market which I consider to be a major part of planning for a new business anyway.
This is such a shame because although planning may seem like a somewhat daunting task, it can be the deciding factor between success and failure.