Planning Essential to Small Businesses Lack of business planning is often the catalyst that leads to the failure of new companies. Rational, conservative decision makers are less likely to take the risk of branching out and starting a business, while entrepreneurs tend to make quicker, more instinctive business decisions. Business planning does not have to result in long formal reports about where a company will be in twenty years.
Entrepreneurs already know the details of their dream.
What they may not have formulated is a plan for reaching that goal. Include as many people as possible in the process. You may be too close to the business to see the obvious. Question assumptions and generalizations. Dream with one eye open.