Planning must be done as the first step by anyone who wants to start a new business or make an existing business more profitable and competitive.
Many people believe that planning is just preparing a blueprint or map of what should be done or achieved. Perhaps, planning includes choosing the right strategies for your business, financial planning, risk analysis, and so on. The planning process can help you structure your thoughts on starting your business. It will help you define goals and objectives, and l show what resources are available. A business plan highlights possible pitfalls and accents an appreciation of a business environment. This planning process also lets you consider combinations, permutations, contingencies, 'what if' scenarios, risks, and rewards.