Sunday, 14 December 2014

How to Succeed in Business: Have a Business Plan

Author: Donya Zimmerman

The Business Plan is the road map for operating one’s business. The business plan is made up of a set of objectives and goals to implement so that you can start and operate a business. The Business Plan can be used as a management tool to measure your progress once the business is started. 

The main components of the Business Plan are:
  • Description of your business.
  • The Marketing Plan.
  • The Management Plan.
  • The Financial Management Plan.
The Business Plan is used as a way for one to get financing for the development and growth of their business. The Business Plan is used to obtain the proper permits, licenses, and certifications to conduct business in a certain state per their laws. The Business Plan is the essential document one needs to assist them with thinking through all the aspects of the business and to help you properly plan for the business success.

One has to put a lot of research, thought, and consideration into preparing and drafting their business plan. The more time and attention you put into writing the Business Plan the more time you spend on running the business smoothly and avoiding certain problems. The Business Plan can be used as a guide that will assist one with fixing problems that may come up in the daily operation of the business.

Here are a few questions that can be answered by a well-written and thought out Business Plan, when it comes to potential financial investors:

  • Is this a solid business idea?
  • Is there a proper market for the product or service being offered to customers?
  • Can management run the business efficiently?
  • Does the plan clearly state how the investors will get a return on their investment?
Normally, a Business Plan will cover between three years to five years of the business being in operation. When doing your business plan, you must have realistic expectations for the growth and development of your business. You must maintain an open mind when it comes to drafting and writing the Business Plan for your business. You have to be objective when it comes to looking at the strengths and weaknesses of your business idea.

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