Small-scale businesses in Nigeria and other developing nations hardly grow to big businesses mainly because of lack of direction on the part of owners of the businesses.
Besides, they usually do not conduct feasibility studies before starting the businesses.
According to a survey carried out by Radat Business Logistics, a business consultancy outfit, 80 per cent of small-scale enterprises fail because of lack of business plan by the owners.
It is not only capital (money) that makes a business to flourish. An entrepreneur with a good outlook on his business can grow the business to a desired level with time.
Most people who open retail businesses have an erroneous belief that they don‘t need a business plan. Interestingly, a small- scale business, just like a medium or large corporation, needs a full financial business plan completed before the business is opened. This is especially important because of its weak and flexible structure.
A business plan is a formal statement comprising a set of business goals; the reasons why they are believed to be attainable and the plan for reaching those goals. It may also contain background information on the organisation or a team attempting to reach those goals.
Read More:http://www.punchng.com/Articl.aspx?theartic=Art201011041371939
No comments:
Post a Comment