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Writing A Business Plan What Makes A Good One

Writing a business plan can be a lot of hardis said that good objectives are SMART. That
work or it can be great fun. An effectiveis specific, measurable, achievable,
plan can help your company to greatness. Arealistic and targeted. Here's an example of
poor one can lead you out of business. Noa SMART objective for a hypothetical
plan is like asking to fail before you evenbusiness.
start.
"By the end of this year we will have
Not every business needs a 200 page boundincreased sales of product X by 7.5% over the
business plan. However every business needsprevious  year."
to have some idea of where they want to go
and how they are going to get there. ThisYou can see how clear this objective is. It
article covers some key insights into writingis much easier to achieve high performance
a business plan that get your business towith  clear  objectives.
where  you  want  to  be.
Now you need to outline your STRATEGY. How
The first stage of any plan is ANALYSIS. Youare you going to reach you objective(s)? This
need to take a very objective look at ais where your marketing plan often comes in
number of factors that may impact youras it helps describe the programs you will
business. There are many factors to considerrun to achieve your desired objective(s). To
but the two major ones are competition andcontinue the example above our strategy may
your  operating  environment.be to gain distribution for our product in
one  new  major  retail  chain.
Let's look first at competition. Every
business has competition, even if you thinkTo make your strategy work you must then
your product or service is unique. How isallocate appropriate RESOURCES. Certain
this? Well it's quite simple really, peoplethings will need to be provided to reach your
have choices to make. The most fundamentalgoal. This could be dollars, people,
choice they make in most cases is whether toequipment, etc. Your plan must have included
buy what you offer or but something else. Forthe resources you are allocating and why you
example I could buy a game console or I couldbelieve  this  is adequate to get the result.
buy groceries instead. Customers only have so
much money available so you first task is toEvery business plans also has some
ask yourself what is my competition like andPROJECTIONS. This is your basic financials
can I beat them? The more you understand yourthat you plan will deliver. Are you expecting
competition the more you can develop youra  profit  or  loss?  How  much?
business strategy of being different and
outperforming  them.Lastly you need to allow for CONTINGENCIES.
Things change all the time and your plan
Now let's look at operating environment. Thisneeds to consider these possibilities in
understands what factors around your area ofadvance. A good way to do this is to ask What
operation are likely to affect your businessif?
performance. For some companies this includes
looking around the World in other cases it'sWhat  if  a new competitor enters our market?
just your local neighborhood. You need to ask
questions  such  as:What  if  a  distributor delists our product?
How  is  the  economy  going?What  if  interest  rates  rise?
What  is  consumer  confidence  like?Your analysis should give you some idea of
likely contingencies. It saves a lot of
Where  is  technology heading in my industry?stress if you have some documented ideas for
dealing with them before they become a big
After answering all the questions you need toproblem.
decide how these might negatively or
positively  influence  your  performance.Writing a business plan is never perfect, the
plan is on paper and you're operating in the
Now you know more about your competition andreal world. However a good plan can really
operating environment it's time to set someguide you in the right direction. Take time
OBJECTIVES. This is what you want to achieveto put real thought into preparing your plan
in the period your business plan covers. Itan above all make sure you USE YOUR PLAN!



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