Saturday, May 30, 2009

Benefits of a Business Plan

I ventured in a retail business before and the experiences that I had are very relevant in this post.I can well relate on what happened in my commercial undertaking that risked a loss and promised a profit. During the start of the business I encountered hardships while making adjustments on whatever plans concerning the business. I would say that the business was full of ups and downs. You had to deal with different kinds of customers,suppliers and service providers. In the business you were also responsible for the business permit and tax requirements. Everything was inter-related as the business grew for years. Making a business plan really helped a lot in setting out the future strategy and financial development of the business covering a period of several years. It is a comprehensive assessment of the sales,profit,monthly expenses, fix assets, personnel salaries, licensing/taxes and other related subjects. It helped a lot especially in making decisions on every matter that concerned the business. From the plan you would know which side of the business needs improvement and which one makes a big mark. It is also a great aid in deciding whether to continue or make an end with the business. The business plan would surely save you as a proprietor from the financial heartaches and burdens of shelling out cash capital without the return on your sweated investment. It pays to have a business plan if you want to start,grow or end your business.

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