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Friday, September 21, 2012

Do You Really Need a Business Plan for Your Business?

Preparing a business plan may seem like a long drawn out drudgery process, however, taking the time to create a business plan helps you get clarity on the direction you want your business to go so you can make your goals achievable. It helps you dig deep into the details of your business, why you want to do what you do, what qualities and qualifications you bring to the table, see what more knowledge, information and system(s) you need to have and put in place to effectively operate your business.

Without a properly written business plan, you’ll be in the dark without a clear direction, thus setting yourself up for failure from the get go. With everything you do you need to have a plan of execution. Often time things may not always work out as you initially planned but the fact that you do have a plan in place you’ll more likely take action and keep pressing forward to achieve your goals making necessary changes as you move forward.

Your business plan most likely will change over time as you come to know your customers and their purchasing behaviour. But this is where you’ll learn to revise your plan and business strategies to effectively meet the desires of your customers which will also help you to reach your business goals as well.

Have you worked out how much money you’d like to make per year? What steps will you take to achieve that? How will you price your product or services that will help you reach that goal? How much of your products or services will you need to sell to reach your financial goals? How will you reach your potentials customers? What will be your advertising strategy to bring customers to your place of business or website? Have you completed a financial statement? How will you track your profit and loss? These are the essentials details that you will go into and uncover when you complete a business plan.

Sounds like a lot of work? Yes it is but it’s well worth it to save you a lot of start-up and business pitfalls and give you daily, weekly, monthly and yearly action steps to follow to keep you on track. As stated earlier, you can revise your business plan and it is strongly recommended that you do review and revise your plans with the necessary changes and adjustments that you will observe over time. Some things you will add to your business and others you will eliminate as they may prove to be ineffective for your business success.

Want help creating your business plan and creating, developing and testing your business idea? Why not schedule a Free 30-Minute No Obligation Self-Empowerment Session with me. You’ll gain clarity and have a better perspective on the direction of your business.

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