THE BENEFITS OF FORMAL BUSINESS PLANNING

1. Encourages potential entrepreneurs to establish written goals and objectives for their proposed businesses.
2. Enables potential entrepreneurs to establish written goals and objectives for their proposed businesses.
3. Assists is identifying the potential customers, marketing opportunities, pricing strategy, promotional activities, distribution strategy and the competitive conditions needed for business success.
4. Enables identification of the number of employees needed, the skills they should possess, the tasks they will perform and the methods of remuneration to be adopted.
5. Assist entrepreneurs to establish the financial needs of a business and suggest the possible sources of finance.
6. Helps to identify critical factors or the successful entry and growth a business in a given market.
7. Exposes entrepreneurs to the whole planning, budgeting, forecast and reporting process necessary for starting or expanding a business.