Many entrepreneurs start out in the business world without a clear idea of what they will be doing and where they are headed. "Managing your own business is not an easy task and does require extensive research combined with effective management principles. Entrepreneurs should base their business plans on a simple vision and coherent set of company values. The mission statement should help define short and long term goals and will give you a clear road map of what your business will look like," says Morne Cronjé, head of Franchising at FNB Business Banking.
Cronjé suggests that eager entrepreneurs should follow these simple steps, when compiling their business plan:
"Your business plan is a tool that will help you to judge your business performance, guide your strategy and aid in the overall development of your business. A winning business plan will help ensure your business stays focused on what it needs to do to achieve its key goals," concludes Cronjé.