Explain the importance of a workable business plan

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A little about the essay
Compensation plays a critical role in aligning employee behavior with business objectives. Since the industrial age, the four Ms of business management i. Among these, man has been considered to be the most important factor contributing to organizational effectiveness and efficiency. Attributes such as lateness, absenteeism, unsafe actions, alcoholism, drug abuse, poor training, and incompetence can upset the apple cart of business objectives. Efficient employment practices are inevitable towards the sustenance of goals by making sure that this one important factor is set right on the path of productivity. There is no doubt that by employing the right kind of man for the right job can discard the wide space called ineffective business management.
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Everyone loves to point out those projects which are immensely popular and claim they were overnight success stories. There is something glamorous about the idea that the next day it might be something new. Or, even better, that it might be their idea. Success is only a day away. Unfortunately this notion of instant success is more myth than fact. Some of the greatest companies that have been termed overnight success came from a very different background.
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To raise money for your business. To make sound decisions. To help you identify any potential weaknesses.
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What is the importance of writing a business plan? A business plan is an outline of your business goals and objectives and how you intend to achieve them. Most people do not realize the importance of a business plan to the growth and development of a business.

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