A study on the contribution that a business plan makes to the expansion of a small company

Abstract

Purpose: The purpose of this study is to investigate the contribution of business plan in the expansion of small company. No matter how big or small a business is or what stage it is in,it needs a business plan to improve how it runs internally and to describe and market the business to possible outside investors. Theoretical framework: A business plan gives the company direction and brings employees together to work towards the same goals. When everyone works together, it's easier to manage time and resources and set the company up for growth. Planning is a big part of how successful a new or small business will be. Setting goals and making plans to reach those goals are two important parts of running a successful business. A business plan is a good way for a company to organize its goals and objectives in a way that makes sense. Design/methodology/approach: This is descriptive based study. In this research paper we survey on random sample of 250 respondents. Findings: This study reveals the descriptive statistics for different variables i.e. Business planning, Completed plan, Number of employees, Obtained external capital, Attractive products etc. The findings of this study could be used to figure out how businesses should be run, what methods should be used, and what parameters should be used to make sure businesses grow well in their local, regional, and global areas. Conclusion: In more rural and remote parts of the country, the expansion of small companies is essential to the continued employment creation and economic expansion. They contribute to a greater level of market competition.