Advantages of updating a business plan
Government control, natural calamities, etc. Planning helps in this process. It is an expensive process. Planning is useful only when the expected gains from it exceed its costs.
Planned targets provide a basis upon which good performances can be rewarded and poor performances can be improved. While these advantages are all valuable, there also are some disadvantages to a business plan. It has the effect of minimizing the cost of operations. Sometimes, it may cause delay in taking decisions. In this scenario, other avenues of business opportunity may not be explored.
Hence, unnecessary duplication, overlapping and cross-purpose workings are eliminated. It is a time consuming process.
Cutting Corners Many business plans fail because those involved do not spend the time or energy, or have the expertise, necessary to make the plan comprehensive enough to have true value. Coming up with a comprehensive business plan could take or hours, according to Cayenne Consulting. Disadvantages or Limitations of Planning Planning aims at forecasting and providing a means for examining the future and drawing up a plan of action.
Discouragement In the world of business, there are so many unknowns that it is comforting to have something on paper that will help determine whether or not your business will be successful. It ensures an even flow of work, minimizes false steps and protects against unwanted deviations. It enables all the activities to be conducted in an orderly and coordinated manner in order to achieve the common goals of the enterprise. Otherwise, the products are likely to become obsolete.
Since planning foresees the future and also makes a provision for it, it gives an added strength to the business for its steady growth and continuous prosperity. In spite of the serious limitations, planning is still recognized as the foremost function of the management. It enhances the efficiency of other managerial functions. Every alternative presents different results also.
See that all plans move in the forward direction at the same time. It secure unity of purpose, direction and effort by focusing attention on the objectives. Tunnel Vision In some cases, a business plan may provide employees, or even the owner, with a case of tunnel vision.
Every alternative has its own merits and limitations. Time, money and effort are required in the collection and analysis of data and in the formulation and revision of plans. Therefore, many may consider the time it takes to develop a business plan as a big disadvantage, and it could be.
If you see opportunities beyond what the business plan reveals, taking a risk may be the only way to find out if you're right. Many people may get so discouraged by what is revealed in the business plan they give up before they even open the doors.
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