Bernadea Angelina September 7, 2020 Business Plan
However, a good business plan defines one’s target market, the class of people he intends to sell his products to, how to reach them, promote his products, in addition, defines one’s market mix- people, place, product and price. People- this defines the people involved in the promotion one’s goods and services. Product- this defines what one’s goods and services are. Place- defines the location which also includes the means of delivering the goods and services. Price- defines how much one’s products and services are worth in the market which will enable him analyze and evaluate his return on investment (ROI). A marketing and strategy tool defines one’s business strength, his weakness, his opportunities and threats. It plots a graph that helps one reduce cost while maximizing profit.
So why make a business plan? I want to show you a totally different kind of business plan. What if you made a business plan that focused only on what you want for your life? You have dreams about what you would like your lifestyle to be, right? Why not make a business plan that could give you those dreams? What would your business look like if it gave you exactly what you want in life. What kind of salary would your business need to give you? Why not build a business plan around that? Decide how much salary you would need to support your dreams and then build a business plan that would show exactly how your business could give you that. Wouldn’t it be better to have your business work for you instead of the other way around?
The planner can be able to declare the financial conditions and financial goals of the company by the help of written form of the business plan. A businessman must think about the present and the future conditions, which mean that he must analyze recent conditions as well as the upcoming needs. He should categorize the ideal and awful clients so that he can take steps to attract the best clients, at the same time to refuse the others. A business plan should be written in brief way so that he won’t forget any topic or information.
It does not have to be long or overly complicated. It simply has to have the elements required to put your goals into action. Developing a SWOT analysis (strengths, weaknesses, opportunities, threats) will help you to identify problems before they start. Craft your own or hire a business writer to create a dynamic plan that will guide your operations. An effective plan is one of the most important elements over overall business forecasting.
Business plans are very important for internal motivation and the motivation of stakeholders. While writing your plan the first step you should take is to identify the correct business plan template needed. Secondly, you must determine your vision, or where you want to see your business in the next 1-3-5-10 years. Creating this vision becomes a motivational tool because it allows you to see the possibilities you can create for your business if you follow the plan.
On average, a good business plan will be about 15 to 20 pages. Keep it concise but detailed. A good business plan will pay dividends both in the short and long terms. An investor and/or bank manager will see this and if the plan holds up well, then this will bring you the business that you seek. And from a personal point of view, a great business plan is something that you can return to time and again as a good reference point – something that you can draw upon in the future.
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