Business Plans - how to be successful
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going to conclude our blog post this
week with some final pointers on how to create a viable business plan.
there are many components to any business plan one of the most
sections will be the Market Research undertaken. This will give the
potential investors an idea of the size of the market, the key players
currently and how you intend to gain a share of the profits.
to Long Term Planning
Business Plan shouldn’t
just be seen as a necessity when first starting a business, it should
as a reference that you continually check back against and adjust
For this reason alone it is a good idea to extend your financial
include 3 or even 5 year forecasts. This gives you a guide to refer
back to and
amend as needed, using actual figures of sales, costs etc against the
ones will allow you to see what adjustments, cuts, changed need to be
before it becomes a necessity or the choices are limited.
To have a
financial forecast is also important if you are looking for any sort of
funding. Investors will normally hope to see a return on their monies
this time period, depending upon the company and what they do, they may
looking for an exit plan or to sell their stake on at a profit although
will be more applicable to Technology companies.
to building a
successful business plan is to make sure your plan allows you movement
and that you give yourself a window for corrective action within
timescales. Your plan needs to work with you not against you. It must
some flexibility as changes do occur whether you like it or not.
Research – You’d be mad not to!
too common mistake
when starting a business is the individual/s are so wrapped up in their
idea that they fail to comprehensively carry out the single most
of any Business Plan, the market research. It’s all too easy to be
with the ‘pleasant’ parts of the planning –designing a website or
company name, buying essential equipment or perhaps choosing an office.
reality is though,
that however wonderful the product is you are selling or how
service you may be able to deliver is; your potential customers have to
you, there has to be a desire to pay for the product or service and
to be happy to pay the amount you are charging. It’s not easy being
actually I really don’t like, want that or that I wouldn’t pay that
individual to be able to take criticism on board and react positively
making changes and adjustments based on what your research has told
too easy to think so much about a business idea that you become immune
potential weaknesses or flaws, when you literally ‘can’t see the wood
trees.’ Ask other’s advice and be prepared to hear things you may not
you’re better off making changes before you start the business when it
cost you money as opposed to being forced to because sales are weak .
where to ask:
- who are they and what market segments do they serve?
there seasonal factors?
you know anybody who has worked for one of your competitors? It’s
find out as much as you can about your business competitors.
yourself on the business cycle for your industry - it is a key piece of
information. This can be gleaned from looking at your competitors and
to wholesalers and suppliers.
National Office for Statistics can provide information on general
market sizes –
they keep a wide range of statistics on markets, imports, exports. This
help you assess what market share you need or whether your sales
magazines are often used by companies happy to brag about recent
contracts won or new staff hired. Libraries will also contain a wide
reference section and newspapers are a good reference source too.
About the Author
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Article Published/Sorted/Amended on Scopulus 2013-09-09 11:13:30 in Business Articles