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One thing many small business owners avoid doing is to properly plan for the future they envision for their business. An important part of any business should be making business plans, which can be used for many different purposes. Most people think of business plans as being used only to obtain financing from banks or angel investors. While it is definitely important to have a business plan when attempting to get financing, that is not the only reason to prepare a business plan.
Quite a few business owners have really good ideas, but have difficulty seeing those dreams through to completion. In short, that is the role of a business plan. By taking the time to go through the step by step process required to create a good business plan, you know that you have addressed all of the areas you need to make your dream a reality.
Keep in mind that good business planning does not involve coming up with a good logo, website, social networking strategy or any other tool that you will use later to implement your business plan. The first steps before all that is to answer the foundational questions about your business that you need to create a strong plan.
For example, when creating the marketing portion of your business plan, you should not at the onset plan what advertising venues you will use or the look of your ad. First, you need to define your root marketing objectives. Ask yourself fundamental questions about your customers: what customers do you want to attract? Where have you found them in the past? How can you reach them? What are their likes and dislikes? What specific products or services will you offer to them?
Until the core questions have been answered, in essence the “what” questions, it doesn’t make any sense to think about or implement any of the “how” answers. But once you have answered that “what” question, you will be much more clear as to what tools will help you reach that objective.
Think about building a pyramid when you set out to build your business. Spend more time on the base, or core questions to build a strong foundation. Having a good business plan will set your business on that solid foundation you need to succeed.
Be sure to visit SmallBusinessAccountingBackroom.com to get many more resources to help your small business succeed, including information and resources on business planning, financing, sales and marketing.
Tags: business plan, business planning, marketing plan, writing a business plan
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