Business Plans Your Roadway To Success
EXPERTS SAY THAT A STRONG BUSINESS PLAN IS ONE SURE STEP IN THE DIRECTION OF SUCCESS. SO, WHAT IS A BUSINESS PLAN IN THE FIRST PLACE? IT IS DEFINED AS A DOCUMENT THAT OUTLINES THE FUNCTIONAL AND FINANCIAL OBJECTIVES OF A BUSINESS. IT ALSO CONTAINS DETAILS OF THE BUDGET INVOLVED AND THE GOALS TO BE ACHIEVED.
YOUR BUSINESS PLAN SHOULD:
1 2
Set concrete goals and deadlines
Provide a platform for regular review and discussion
3
Maintain a steady ratio of
4
Distribute work among
implementation to strategy to 10:1
people and departments and set deadlines to achieve the goals
Experts have identified some common mistakes regarding business plans.
No Business Plan Many business ventures begin without any plan. Plans are written out in a rush only if the clients or banks or investors ask for the same. It is often seen as unnecessary because the business is more important.
Cash Importance
Cash is more important than profits business is not the same as profits. Cash is the main player. Only if you have cash to spend in the beginning, will you get profits at the end of the day.
Ideas don't sell Your business sells because of hard work, perseverance, cash and a lot of common sense. Your idea does not have to brand new. Old wine is better than new ones. Why? People trust age and experience.
Fear factor A business plan is as necessary and as routine as making a travel plan. You don't need to be Einstein to chalk out a business plan. You just need to think straight and pen your thoughts.
A professional consultant will create the business plan for you, but you still have to be prepared to think through your business and understand the underlying concepts in your business idea.
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