Approximately 60% of all small businesses fail within the first three years of establishment. Reasons for this include lack of management expertise, poor or no use of planning or simply forced out through competition. However, before this can be discussed, it is essential to question what a business plan is, the planning process and sources of business planning. Without the use of business planning and the correct procedures put in place to execute these plans, it …showed first 75 words of 680 total…

…showed last 75 words of 680 total…plan. Business planning is one of the most essential and effective tools a business can use. It can be conducted in many ways, however, must be done thoroughly with plenty of thought. Business must use the planning process, by producing a business plan and using a source such as a SWOT analysis. The weight of the evidence has clearly proven that although it is disappointing, businesses do not plan to fail, yet fail to plan.