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It all starts with a plan - A Business Plan

Starting a business involves a considerable amount of resource allocation in the form of money, time and energy. For instance it could be the savings of a life time which you intend to invest in your business. So you can not afford to have a casual attitude towards your planning. Although you are great at visualizing things and carrying everything in your head, it is always better to pen a business plan so that it could be referred in case something goes wrong.

A Business Plan may include

  • Goals and objectives of the business probably in the form of a mission statement
  • The strategies to be adopted to fulfill these objectives
  • Potential risks that the business may face and the alternative measures to be taken to minimize these risks
  • The approach of marketing including the target markets and designing of 4P’s for each product
  • The organizational structure including the detailed description of responsibilities of each job holder
  • Capital requirements and the method of financing

What makes a business plan essential to your business?

  • A business plan is vital especially for an entrepreneur like you who intends to start up his/ her business as it gives you the focus towards your business goals.
  • Further a business plan is often required by the potential financiers of your business. So this helps you make your business idea looks credible in the eyes of the investors or the financial institutions
  • Last but not the least it is also the blueprint for your entrepreneurial success. As everything is well planned out and penned, it helps you to obtain guidelines for tackling the issues as and when they arise.

Tips for a successful business plan

  • Unless you have realistic projections and you provide supporting evidence in the form market research, expert opinion, etc.. no one else would believe your plan. It reduces the chance of accessing finance.
  • It is important that you create competitive advantage for your firm over the competitors. The unique selling points are the main drivers of customers for a business. In other words the reasons why your customers come to you instead of going to the competitors ar these USPs. So at the planning stage you need to think of possible USPs which will bring success to your business.
  • The business plan should be clean, simple, well-prepared, clearly written and error free. Here the use of technology such as software packages may help you gain the advantage. Particularly these software are quite versatile and provide you a range of options including scenario planning etc...

If you need further information on writing business plans, please follow the link given below.

Tips in Writing a Business Plan - Objectives and Goals

http://www.ezinearticles.com/?Case-Study---Tips-in-Writing-a-Business-Plan---Objectives-and Goals&id=704643

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