An
entrepreneur who plan to set up a business and want to grow the business a
million times bigger in the first year of operation, this plan is difficult to
achieve because it is practically not feasible. It takes more than twelve
calendar months to grow a business from a shop to a conglomerate.
To grow your business or start one, the
first year known as the foundation year usually involves a lot of commitment,
resources and investment. Trying to put processes and business structures in
place and ensuring free flow of business activities. Most business owners
expect little or no profit in the foundation year but if you can get it right
at this point, you can be rest assured that your business will be around for a long
time and growing strong.
Findings shows that most private
business hit the rock before they reach the five years mark, especially in this
part of the world where people jump into businesses because its in vogue and
not because they have a definite plan on how to be successful at it. So it’s
not enough to have money to rent an office space or shop where your profit in a
year can’t even pay the rent subsequently.
Effective
planning is an important part of every business or project success, your plan
should be well thought out, written down and explicit enough for you to
comprehend at any time. Your plan often serves as a reference, guides you on
your journey of success and helps you retrace your steps.
Image credit (Pixabay)
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