Mignon Maïssane August 17, 2020 Business Plan
In simple terms a business plan helps the entrepreneur get the job done. The business plan defines the desired outcomes and outlines the steps necessary to reach them. By performing the actions dictated in the business plan, the entrepreneur is able to stay on track. It is easy to get lost in the day-to-day details of the operation as pointed out before. By reviewing the plan periodically, the business owner is reminded to schedule time to do the strategic tasks outlined in the business plan. In short, taking focused and strategic action leads the entrepreneur to success.
Lots of people want to start their own business. One of the first things that stops these would-be entrepreneurs from realizing their ambitions is the seemingly daunting task of writing a business plan. Writing a business plan, though, is a rather easy task if you understand your business, so let’s take a look at what a business plan entails.
A business plan may be defined as the formal statement of a collective set of business goals or planning. It can also contain the background information about the organization. Business plan is mandatory to run a company because it is an essential part of initial strategic planning of any company. The capability of writing this plan effectively is a fundamental quality that a businessman should have, especially while starting a new business company or organization. The plan acts like a road map which may guide the company towards success.
Another point of contention is how optimistic you should make your business plan. The problem with making over-optimistic predictions and plans is that these plans could well go wrong. Unforeseen circumstances can always put a spanner in the works. Therefore, it’s wise to err on the side of caution when it comes to devising your business plan. Indeed, it’s wise to predict conservatively and prudently when it comes to assessing the possibilities of future targets, sales and profits. A worst-case scenario will always prove to be less of a shock than one that raises expectations too high.
Did you ever stop and think what a unique position you’re in as a business owner? I don’t know of any other way you can have as much control over your success than owning a business. When you work for someone else, you are totally at their mercy as to what your future may be like. It doesn’t matter whether it is a private business you work for or a large corporation. Your future is in their hands. The only thing that might qualify other than owning a business would be to inherit or win a lot of money that would give you everything you want in life.
Similar to a business plan, the marketing plan spells out how you will market to new customers and retain current ones. The marketing plan should identify your target customers and develop a strategy to reach them effectively. Your marketing plan usually includes market research that gives you a profile of the ideal customer. As with your other plan, it is important to identify any strengths, weaknesses, opportunities and threats that may affect your company’s operations.
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