Beware the temptation to jump into business before you’ve done the proper planning. Even Industry sectors and all other industries like Aerospace & defence, Automotive, Banking & capital markets, chemicals, communications, education & non-profit energy, utilities & mining, engineering & construction, entertainment & media, financial services, forest and paper & packaging all have business plans.

A business plan technically contains and reflects the individual plans for the different functions within the whole operation, each of which may have its own detailed ‘business plans’, which might be called business plans, or more correctly departmental or functional plans according to their purpose, such as a marketing plan, sales plan, production plan, financial plan, etc.

This section merely addresses a particular vulnerability of new start-up businesses in failing to set aside sufficient reserves to meet tax liabilities, especially small businesses, and even more especially sole-traders and partnerships and small limited companies, which lack …