Some examples are finding the right location, competing with like companies and retaining efficient employees.
Some examples are finding the right location, competing with like companies and retaining efficient employees.Tags: Graphic Design Business Case StudyPsychometric Properties Of The California Critical Thinking TestsCar Research PaperEvery Man Is Architect Of His Own Fortune EssayDescriptive Essay ElementaryNo Homework Pass Printable
"Only by setting a plan that outlines where you want to go, along with a plan of action on how you are going to get there, will a business owner know if they are heading in the right direction and how far they are from their final destination." Your business plan should guide you throughout the startup process, available as help for any problem that may arise.The US Small Business Administration (SBA) estimates that as many as 90% of all small businesses fail in the first two years. After all, why would you want to spend time and effort, as well as risk your own money, when there is only one chance in ten your business will survive?Whether you decide to hire someone who writes business plans, write it yourself, or use software, you still need to take an active role in the process."Research is one of the big value-adds of writing a business plan," said Joseph Ferriolo, director of Wise Business Plans."Research forces companies to learn what they can expect to make and what the industry trends are." Mullins advises asking yourself how large and attractive your market is, how quickly it's growing, and if there are any trends that will make it grow in the future.Klein stated that the document doesn't need pages and pages of text; rather, it can include images, infographics and specifics "so that it can be used as a point of reference at any point in time to ensure that the business is on the right path and is meeting its goals." Your plan is there for a reason.Don't be afraid to refer to it as much as possible — think of it as checking the map when you've made a wrong turn.However, what's written should be specific enough to cover all areas of concern.Cohen advised starting your plan, with a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats.There is nothing wrong with using your plan to get back on track or to make sure you're still on course."The biggest mistake people make is [that] they prepare the document, and then put it in a drawer and never look at it again. Finally, remember that you should revisit your business plan as your company grows.