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Interview Presentation Day Plan Days Powerpoint 30 60 90 First Question For

By Lea Propst at October 26 2019 11:48:36

Contextualise Your Budget : Of course your budget will be extremely important. But sometimes people sort of pluck figures out of thin air, not giving it the context it needs in the business plan to make real concrete sense of how that budget is going to work.

Remember the proverbial expression 'not seeing the wood for the trees'? You need to see the 'wood' first, then delve in and start examining the individual 'trees', meaning the individual items which you will be breaking down later. So a great point is to make sure that you have that overarching vision - and if you cannot find one, then maybe it is an indication that you are obsessing on a few technical aspects that do not necessarily make up a whole business as you had imagined it.

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I often see people split into two camps. On one hand those who almost ignore competitors in their business plan, because they do not want to think about the issue yet and feel so confident they have a great idea for the market regardless. But I recommend not being overconfident when it comes to competitors. They are still there for a reason, they are still around and in business for a reason, so view them with that in mind.

Research Your Competitors (But Don't Copy!) Every business plan should focus a lot on the business's potential competitors, because research and analysis of the competition effectively gives you plenty of useful information. It may guide you as to where you should be advertising and marketing, or certain strategies to use or ones to avoid because you see they have been used unsuccessfully by others.

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