Starting your own small business is an exciting yet challenging time. Whatever your reasons, experience shows that careful planning and ongoing management is required in the early years if your business is to succeed – a good business plan that includes ways of protecting your business against unexpected events is an essential tool.
Once your small business is established, you are probably ready to grow the business and take it to the next level by either increasing your market share or taking over another company. Therefore it’s essential to have the right processes and systems in place.
To ensure you don’t make any unnecessary mistakes and can meet your goals, it’s a good idea to have a financial plan in place. That way you can understand your current situation, where you are in the business lifecycle and how are you planning to grow and eventually exit your business. Then you can identify the gaps and any risks and develop strategies to mitigate those.