Beside the fact that many SME owners embark on their entrepreneurial journeys without a formal academic or professional background in the area of business management, getting a market or target audience to not only listen to but understand what all the passion is about is no easy task.
This is why it’s critical to strive for the best and be prepared for the worst, and more importantly, to remember that growing a business is not a sprint but a marathon.
One of the biggest challenges any startup or SME can face is getting tangled up in the bureaucracy and organizational inertia that characterizes many big organizations. As companies scale and add more product lines or services and employees, decisions take longer to be make, implement and adjust, according to the market reception.
A business plan is much like a dinner recipe; it gives you an idea of what you’re going for and clear step-by-step directions on how to get there. Specifically, a business plan is a written description of your business goals and an outline of how you intend to achieve them. Like the meal a recipe helps you cook, a strong business plan is about achieving intended results. The trick is getting it right, like a meal that is cooked properly and seasoned to perfection.
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