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By Torsten Kuefer at January 07 2020 02:27:00

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.

Preparing a Business Plan: A business plan has to be in accordance with the organization in question, its situation and time. However, a business plan is not just a document to be produced and filed. Instead, business planning is a continuous process. The business plan has to be a living document, constantly in use of monitor, control and guide the progress of a business.

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It is known to be the most crucial step in the successful running of the business because a well planned business venture carefully scans all the possible opportunities and threats, understand the demands of the market and arranges for the best possible resources which finally lead to the success of the business.

But do not be too paranoid, make sure you are showing it to people you trust, whose feedback you welcome and can be genuinely useful in guiding how the plan takes shape. Very often when working as individuals we get very close to certain details and miss out a big thing that has slipped your mind.

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