Why should I write a Business Plan ?

The Business Plan, Strategic Planning and their relationship. Over the last 40 years I have repeatedly been asked what is the value or point of a written Business Plan ? My answer has remained constant. It is the primary tool that all successful businesses use to maximize the return on their investment, secure employment, protect their assets and drive the business forward. So over the coming weeks I thought I would share a comprehensive answer by publishing, a FREE self-help guide, to constructing a Business Plan that anyone can follow. This is the template I have successfully used for start-ups

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Part 1 – The Strategic Goals for YOUR Business

The Strategic Plan. Strategic goals are the fundamental, identifiable, reasons for the business existing. The difficulty for many people is in clarifying the key or vital goals without allowing vague notions such as: “I want to make a lot of money“, or “I want to leave the business for future generations”, or ”I want to run my own bakery” to replace clarity. I would urge you to simplify the process to having no more than three very clear goals for your business. Successful owners that I know re-consider these goals annually and revise them as life, the economy and their

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Part 2 – Market Research – Business Plan

Stage 1: Does your business idea suck or fly ? You have this wonderful idea for a new business. Whether it is making, promoting or distributing this fantastic and new product or service the same 3 ground rules always apply. YOU think your idea is the answer to other people’s needs BUT does your chosen market agree ? WHO else is offering a solution to this notional need ? HOW does your idea differ or add value to the existing solutions There is no benefit to you in making a product or designing a service that other people do not

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Part 3 Market Location Research

Stage 2: Having hopes, dreams and aspirations is fantastic, commendable and significant. Equally essential are the facts about your proposed customers. As you begin to develop your product or service and before you risk greater sums of money bringing this to the market it is vital that you identify where your potential customers are located. It seems so logical and yet each year thousands of people launch businesses and locate them in the wrong place. Budding entrepreneurs find themselves taking retail premises at the wrong end of town or where there is poor parking because they have not researched the

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Part 4 Skills, License & Trade Name

You have this wonderful idea for a business and you have established there is a market need for your idea, however before you decide to invest your life’s savings and inflict yourself on the unsuspecting public. 3 words of cautionary advice ! Skills License Name From Australia to the UK I have found so many business owners in deep financial problems, some haven’t acquired the appropriate license to carry out their chosen trade. Others have begun business in the wrong trading entity and only realized when the tax authorities have slapped a huge fine on them. Still more have been

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