Planning #8 => Critical Areas of Running a Business

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Setting up a business involves risks and reward. Profit is the reward for risk-taking. Losses are the penalty of business failure. Some entrepreneurs ignore planning and analysis and instead rely on their gut instinct. They launch products they believe customers want and competitors cannot match. Poor planning is a major cause of business failure. Drawing up a business plan forces owners to think about their aims, the competition they will face, their financial needs and their likely profits. Business plans help to reduce risk and reassure investors, such as banks.

Business Planning Reduces your Risk of Failure