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 can be said that businesses do not plan to fail, yet fail to plan.
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