Posted by
Edward
Written by Kate Pirs
It has been commonly said that, if you fail to plan, you plan to fail. Everyone can attest to this in one way or another. Starting a business without a business plan is definitely a recipe for disaster. Therefore, the first and most crucial tool that any start up business requires is a business plan. A business plan's main purpose is to provide a guideline on what exactly the business needs to focus on and how best to execute the said plan to achieve success.
Other vital tools that a business should have include:
Better communication
Proper channels of communication are central in the prosperity of any business. Any start up needs to have efficient communication channels with their employees. Sound communication will allow employees and their seniors’ exchange their ideas, opinions and knowledge through perfectly set up forums. For example, there should be upward communication- to ensure that the subordinates and other employees get to relay their desires, queries and suggestions to the management. Simply without proper upward communication the management cannot understand if the employees are satisfied or not.