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Business Plan 101

When creating a business plan many new entrepreneurs are intimidated by the formality of a business plan or put off the process until they need a loan. However, many business-planning experts will stress that you don’t need a lengthy plan to launch your business. Instead, try developing your business plan as a concise, living document that you revisit and update as the market and business conditions and opportunities evolve. Creating this plan will challenge your thought about your business. Some helpful tips to consider as you create your business plan:

Define Success:

All business planning should keep real goals in mind. It's about achieving what you want. Its achieving goals best for your business! Focus: Focus on individual goals ! Take it step by step! Focus on a well-defined target market, and understand who isn't in your market. Also, concentrate on a well defined product offering.

Create Meaningful Steps:

Strategy without implementation means nothing. Make it real with dates, deadlines, tasks, and measurements you can track. Be strategic in your steps think the process from beginning to the end. Take notes !

Manage The Planning Process:

The initial plan is just the beginning. What makes the real difference for your business is managing the implementation of the plan, keeping the planning process alive, reviewing progress towards goals, watching for changing assumptions, and revising your approach. Break up your plan into mini-plans: In addition to your overall business plan, try creating mini-plans for areas of your business such as sales, marketing, and technology. Re-visit these plans monthly, if not weekly. Keeping it simple not only makes the planning process easier, it makes it more likely that you will stay true to your plan in the year ahead.

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