By Jürgen Fassbinder at April 17 2020 21:01:04
Don't Make Assumptions About Customers ; To be an entrepreneur does require plenty of self-confidence, sometimes almost a bloody-minded determination to make your business work. But this confidence spilling over into thinking that you know what 'the market' wants can be dangerous, without checking that it's true. You need to do your research that the market does ultimately want what you will be offering, whatever products or services you will be selling.
It seems to have been put there to fill the need to attribute a certain sum to marketing. Make sure you are researching each point of your budget, make sure that you are giving it context and it makes proper sense within your overall plan.
A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.
A business that makes sense and is going to be sustainable in the future is one that has that clear vision within which all the smaller parts contribute to make it successful.