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Do You Really Need a Business Plan?

When starting a new company, do you really need a business plan? In most instances, the answer here is a resounding yes! Just like any other successful endeavor, a business plan can be an essential part of your overall foundation – without which, the entire business could end up going in the wrong direction, and ultimately not working out. What Should Your Business Plan Include? While all business plans don’t have to be long and include each and every detail, there are some components that are typically required. These include the following: Executive Summary – The executive summary can be thought of as a “snapshot” of your overall business plan. It is here that you will summarize the goals of your business, the product or service it offers, and the ideal targ...

A BUSINESS PLAN FOR YOUR STARTUP

For a startup business, it isn’t only about having your business financials sorted out. Your business has to be started on the right foot, with every vital information and operation put into consideration. Therefore, in business planning, having a business plan is your first point of call. A business plan is simply a written description of your business’s future. It is a document that tells what you plan to do in your business, and how you plan to do it. Having understood why you need a business plan, you have to spend some time doing your homework gathering the information you need to create one, then getting everything down on paper. Although business plans vary in terms of length and scope, all successful business plans contain common elements. The plan should take into considerat...

CREATING A PLAN FOR YOUR START-UP

Any business that wants to be in existence for long must always look beyond the first couple of months. Having a short period of existence at the back of your mind unconsciously limits your efforts towards driving the business to great heights. Writing down your long-term objectives and vision, as well as how you intend going about your business might be tricky when you start experiencing the irregularities of the day-to-day running of the business. But having such plan and vision there in the first place will, in the long run, ensure the success of your business. How do you create a plan? Your plan ought to be concise and realistic. If not, you would be embarking on a wild goose chase, which is detrimental to you and your performance as the business owner. This is because, you won’t be ab...