field 'EMail' is required
'Password' field is required
Login or e-mail
Writing A Business Plan What Makes A Good One
Writing a business plan can be a lot of hard work or it can be great fun. An effective plan can help your company to greatness. A poor one can lead you out of business. No plan is like asking to fail before you even start.
To use this functions you must log in. If you have not account yet, use Create account button.
Incorrect e-mail address
Place this code, and your visitors will be able to read this article directly from your site.
Show embed article example
Download as PDF
Writing a business plan can be a lot of hard work or it can be great fun. An effective plan can help your company to greatness. A poor one can lead you out of business. No plan is like asking to fail before you even start. Not every business needs a 200 page bound business plan. However every business needs to have some idea of where they want to go and how they are going to get there. This article covers some key insights into writing a business plan that get your business to where you want to be. The first stage of any plan is ANALYSIS. You need to take a very objective look at a number of factors that may impact your business. There are many factors to consider but the two major ones are competition and your operating environment. Let’s look first at competition. Every business has competition, even if you think your product or service is unique. How is this? Well it’s quite simple really, people have choices to make. The most fundamental choice they make in most cases is whether to buy what you offer or but something else. For example I could buy a game console or I could buy groceries instead. Customers only have so much money available so you first task is to ask yourself what is my competition like and can I beat them? The more you understand your competition the more you can develop your business strategy of being different and outperforming them. Now let’s look at operating environment. This understands what factors around your area of operation are likely to affect your business performance. For some companies this includes looking around the World in other cases it’s just your local neighborhood. You need to ask questions such as: How is the economy going? What is consumer confidence like? Where is technology heading in my industry? After answering all the questions you need to decide how these might negatively or positively influence your performance. Now you know more about your competition and operating environment it’s time to set some OBJECTIVES. This is what you want to achieve in the period your business plan covers. It is said that good objectives are SMART. That is specific, measurable, achievable, realistic and targeted. Here’s an example of a SMART objective for a hypothetical business. “By the end of this year we will have increased sales of product X by 7.5% over the previous year.” You can see how clear this objective is. It is much easier to achieve high performance with clear objectives. Now you need to outline your STRATEGY. How are you going to reach you objective(s)? This is where your marketing plan often comes in as it helps describe the programs you will run to achieve your desired objective(s). To continue the example above our strategy may be to gain distribution for our product in one new major retail chain. To make your strategy work you must then allocate appropriate RESOURCES. Certain things will need to be provided to reach your goal. This could be dollars, people, equipment, etc. Your plan must have included the resources you are allocating and why you believe this is adequate to get the result. Every business plans also has some PROJECTIONS. This is your basic financials that you plan will deliver. Are you expecting a profit or loss? How much? Lastly you need to allow for CONTINGENCIES. Things change all the time and your plan needs to consider these possibilities in advance. A good way to do this is to ask What if? What if a new competitor enters our market? What if a distributor delists our product? What if interest rates rise? Your analysis should give you some idea of likely contingencies. It saves a lot of stress if you have some documented ideas for dealing with them before they become a big problem. Writing a business plan is never perfect, the plan is on paper and you’re operating in the real world. However a good plan can really guide you in the right direction. Take time to put real thought into preparing your plan an above all make sure you USE YOUR PLAN!
Time Management For Your Home Business: 7 Ways To Win The Time Crunch
comments: 0 | views: 2392
Human Resource Communication Pays Off
comments: 0 | views: 5152
How to Successfully Navigate Your Business through an Economic Downturn
comments: 7 | views: 115656
How to make a great presentation
comments: 6 | views: 63375
The Elevator Speech That You Whisper
comments: 1 | views: 10137
The Psychology of Markets
comments: 0 | views: 5481
Business Letter Etiquette
comments: 0 | views: 9667
Three Easy Rules to Save Mone
comments: 1 | views: 3508
Rules to Setting Business Goals and Objectives: Why and How to be SMART
comments: 1 | views: 24991
Reasons People Go to Church
comments: 0 | views: 13563
The 12 Rules of How to Avoid Losing and Start Making Money from the Stock Market
comments: 1 | views: 76746
The Top 25 Money Tips of All Time
comments: 2 | views: 5123
Defining Common Banking Terms
comments: 0 | views: 13361
10 Tips that will Increase Your Sales Referral Ratio
comments: 5 | views: 11103
12 Ways to be a Confident Public Speaker
comments: 0 | views: 3765
Rekomendowany: 0 razy
Visitors on-line: 1
All rights reserved
What is EIOBA?
Publish your text and get many readers
We've got 1 400 000 visits by month!
More about this website
Discussion about article (0)
Voted for article (0)
Add your opinion
You must be logged in to write a comment. If you're not a registered member, please
. It takes only few seconds, and you get an access to
The article author is fully responsible for the content. Article license:
Top 100 articles
Users online: 138
© 2005-2018 EIOBA group.