The Importance of The Business Plan to The Small Business

Abstract

Some feel a good business plan can greatly increase any start-up or early-stage small business's chances for success. But good business plans are not always easy to develop. Often, the preparation of a business plan is one of the most difficult tasks to tackle and complete.In a 1985 survey Ackelsberg and Arlow [IJ reported that the majority of responding small-business firms do plan. The researchers demonstrated that organizations which engaged in planning had greater increases in sales and profits over a three-year period than non-planning organizations.If a business plan is lacking, it is quite possible that the marketing, production, finance, and other functions of the business will each operate under individual guidelines that might be directed toward different and conflicting goals. A sound business plan can go a long way toward avoiding such a situation. In this article various aspects of the business planning process will be explored, and the importance of the business plan for small businesses will be discussed. The results of a study conducted among faculty teaching small-business courses provide particular insights on this topic.What Is a Business Plan?Two definitions of a business plan suggest its breadth and content. Bryan andWelton ([21, p. 44) define a business plan as "a detailed written description of a company's past, current, and projected operations." According to Welsh and White ([11]' p. 300), "{t)he plan for a new business is the description, in precise and concise language, of the activities that will take place and the net result of the "..xchanges of value in the transactions that will occur during the early months and years in the life of a new enterprise."

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