By Jean Couture at April 27 2020 04:22:59
Before the preparing the plan, the entrepreneur should: Review previous business plans (if any) and their outcome. This review will help highlight which areas of the business have proved difficult to forecast historically. Be very clear as to objectives on which their plans will be based. Set out the key business assumptions on which their plans will be based.
You can concentrate so much on essential financials and supply logistics, but overlook other issues like marketing or opening times. By showing the plan to someone you trust, they can have a look and see what might be missing or worth developing more. Getting that valuable second opinion on how robust your idea is will put you in a much better position to start and keep going successfully.
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.
For any organization, various functional plans-marketing, financial, human resources, production-have to be laid down, even though all the functional plans serve different purposes and all theses plans provide guidance and structure to the successful running of the business.