The majority of small businesses fail because they lack a solid and realistic business plan or fail to adapt to changes and are unwilling to make the necessary adjustments to their business plans. Revealing this, Success Financial Team (SFT), a US-based online business service provider and consulting firm, says having some understanding and detailed business plan for the future is crucial for any SME. Furthermore, those entrepreneurs who already have a business plan must anticipate some deviations along the way and should be prepared to make the required adjustments or changes whenever the situation demands, SFT added.
