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How to Master your Business Plan


Making a business plan is one of the key fundamentals to make your business successful. By making a business plan, it’ll provide you with a map on how you to run your business. however, the problem with making a plan is that it’s difficult to know where to start or what you need to include, and if you ask 10 people on what to do you are more likely to get a different answer.

The best business plan will be different from other businesses. To make a business plan work follow these steps:

 

Mission statement

What your dream for your business? Before making any plans, you need to spend time thinking of the vision for your business and then make this the base of plan. Your statement needs to match what your business does and how it looks, from your branding to marketing and then your products or services.

 

Goals

When you have sorted out your mission statement, you then need goals to achieve your vision. The first goal you need to set is your revenue target, then your other goals will help support your target.

Your goals need to be SMART; they should be Specific, Measurable, Achievable, Relevant and they need a Timescale.

 

Budget

After knowing where you want to be in the future and how you will get there you need to start looking at costs and potential revenue. Building a budget in your business plan will allow you to have control over your spending and to identify further investments. It will also allow you to put together a plan in case of unexpected cash flow problems.

 

Marketing

To reach potential customers you need to put the word out there about your business! think about who your target market is and how you will reach them through marketing activities.

 

Risks

The last thing you need to plan for is risks and planning for them. These risks might prevent your from achieving your business goals or vision. You need to look at your competitors to see what they are doing and how you can do better than them.

After identifying all of your potential risks you can then build in processes on how to reduce them or avoid them all together.

 

Added: 27 Jun 2019 14:26


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