The objective of this study was to identify the role of business
planning in SMEs. Attempts were made to figure out why the business
planning is used and to what extent the plannings are used by the
entrepreneurs. In such case, studies were made to find whether the
entrepreneurs use the business plan to achieve higher performance
in their business or not. In the beginning hypothesis was made that
a well developed plan leads to convenient access to finance and
thereby improving the performance through various measures. To test
the objective the authors extensively studied literature, journals
and articles along with carrying out a telephone interview on a
short number of specific questions. The analysis and conclusion
were based on the literature and the interviews. The authors relied
on a response of 8 SMEs between one to five years old to test the
hypothesis. A positive relationship between business planning and
bank finance was found in the study. But the data doesn't reveal
that planning had any significantly direct relation with improving
the performance of the business but it does have positive benefits.
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