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Preparation the key to small businesses

Sep 17 2007

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A well prepared business plan is the best starting point for any would-be entrepreneurs to establish a small a business at home or abroad, it has been suggested.

According to Business Link London, an "overall strategic view" is essential to ensure a good idea is turned into a profitable enterprise.

Denis Palmer at Business Link London says: 'It's a guide for running the business. If you've got a business plan, you need to review it on a regular basis and make sure that what you're intending to do, you are doing. It's essential for any business to have.'

He continues: 'What a business plan helps you to do [is] remove you from the day-to-day running of the business and lets you take an overall strategic view: ‘Where are we going to go and how are we going to get there?'

Government statistics suggest there were an estimated 4.5 million business enterprises in the UK at the start of 2006, an increase of 125,000 on the 2005 figures.

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