Research done by various management institutions has clearly confirmed that drafting a proper business plan helps any startup outperform those that haven’t. However, studies have also shown that this is not the first thing that newly-minted entrepreneurs must opt for. A proper corporate strategy helps any firm in coordinating amongst customers, competitors, logistics, operations, sales and marketing. But this said strategy must be flexible enough to incorporate newer competencies picked up along the way. This allows timely responsiveness to opportunities presented. Pivoting of a business is a common trend when entrepreneurs realize that the customer base is not what was initially thought of. That is why, business plans drafted at the start, rarely turn out to be accurate. The research found out that the best time to draft a proper business plan was between six and twelve months from inception. This increased the possibility of the business succeeding by as much as eight percent.

Source:https://hbr.org/2018/05/when-should-entrepreneurs-write-their-business-plans?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&referral=00563&deliveryName=DM5939

Uploaded Date:01 June 2018