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Business Development Plan

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Afrodille Castille September 6, 2020 Business Plan

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.

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In this section you should also include the results of any market research studied that your company has completed. Also briefly discuss your competitors and their strengths and weaknesses. You may want to cover how your services will appeal to customers more than your competitors.

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However, inadequate planning has been the reason so many businesses fail, and the rate at which they fail is overwhelming. It is usually believed that most businesses fail in their first year of operation and among those that fail, 80% of them do not have a well researched plan. It has been observed that business failure is not only connected with small businesses alone which I chose not mention here, go down too. Though the rate of failure is highly significant in small businesses, and it is the main reason why a good business plan is needed. Probably for raising additional cash and to provide potential investors and lenders with the information required to make investment decisions. This makes developing a business plan extremely important. One’s business plan has to stand out and his projection has to be firm due to higher competition in attracting funding for his business. Investors no longer risk their money on businesses that do not prove to have great potentials for them.

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As a performance tool, it measures the progression of goals in one’s business by tracking, monitoring, as well as evaluating, and can also be used as checkpoints in measuring performance. The world today, is so dynamic that what applied today might not apply tomorrow, and as a result of this dynamism, a good business plan needs to be setup in order to protect one against risks associated with business.

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It’s also important to show the business plan to the vendor or bank manager. If your business needs financing at the beginning, then you need to turn to one of these sources for financial assistance. With that in mind, you need to produce a detailed business plan that shows that your business is credible and also has potential for making money. Not only does the plan prove that you are serious about the business, it also shows that you have a sound business mind and a good grasp of what needs to be done in order to achieve good profits.

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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.

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