Willpower, expertise and passion not enough to succeed in business Ravi Govender Developing a business plan is a strategic investment in the future and sustainability of your business Business owners often mistakenly believe that passion and a basic understanding of finance is all that is required to make a new business succeed.  The launch episode of the Standard Bank 'Think Big - Building Business Champions' show proved that placing an emphasis on business plans is an invaluable planning tool that can help businesses of all sizes to succeed.  The show encourages aspiring entrepreneurs to ‘Think Big’ about conquering challenging realities that new businesses face on a day to day basis, with an opportunity to win a R 1 million cash injection into their small businesses so that they can realise their dreams.  Commenting on the first episode of ‘Think Big’, which concentrated on the catering and service industries, Vuyo’s Kitchen and Vibe Events, Ravi Govender...

A business plan means business W hen starting a business there are many factors that come into play that need to be analysed to ensure its success. Price, place, promotion and product are but some of the important aspects in the business mix that need to be planned and executed meticulously. In the flurry of dynamics to consider, many entrepreneurs tend to forget that having a business plan to drive the business processes is actually the most crucial, regardless of the sector type. This is especially true in franchising. Even though the franchising model affords owners the benefit of added support that is rooted in an established foundation, the business plan is just as important as in any other industry. Sally J’Arlette – Joy, the franchisor of Sandwich Baron , shares more on the importance of a business plan for the franchisee and the franchisor. A business plan is basically a document that summarises the operational and financial objectives of a business. Additionally, this...