The Key to a Successful Business Is Planning - 687 Words

Most new businesses show that they fail to work out in less than five years. There is a four out of five chance that the business will survive. Causes for this include poor planning, not being able to compete in a challenging market, or a lot of debt. Opening a business takes a lot of planning and patience. If you rush to open up a business without any financial planning, you could possibly fail. Studying microeconomics can help you in this situation. Before your studying and planning, you need to be aware that starting a business is not easy and there are going to be many things that come along with it. This can include writing out a business plan, strategy, and advertising. You should also figure out if you are going to have employees in your business, how many you will need, and the insurance that will be included. If you are opening a business that falls in the retail category, you may want to consider looking for vendors and suppliers which will really help in starting your retail business. Looking at where you are going to open your business is very important. Always inspect where your location to assure that is where you will want to open your business. Taking out a loan is the best route to take, but you also need to make sure you will be able to pay it back. This is a main reason why financial and business planning is really important. An important question to ask yourself is, â€Å"Will there be enough demand for what you are trying to sell and will you be able toShow MoreRelatedEnterprise Resource Planning ( Erp )1539 Words   |  7 PagesIntroduction Today Enterprise Resource Planning (ERP) is extensively adopted by many organizations regardless of kind and size, mainly because it provides enterprise wide view of information across all their business operations and help organizations achieve consistency across all their functional departments. The potential benefits of ERP system implementation include improved coordination across functional areas, increased efficiency, reduced operational costs, rapid access to information forRead MoreStrategic Planning : Key Component Of A Strategic Plan948 Words   |  4 PagesStrategic planning is vital to the success of a business. A key component of a strategic plan comes in the form of a thorough SWOT analysis. 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