Planning Business

Planning Business-36
Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.Just because it is the status quo should never be a line in the vocabulary of a startup founder today.

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A business plan is essential if you're thinking of starting a business, but it's also an important tool for established businesses.

Viable businesses are dynamic; they change and grow.

Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.

Don’t do it unless you know why and what you are trying to achieve with it.

In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable.

Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.Having an up-to-date business plan gives you a much better chance of getting the money you need to keep operating or to expand.Investors and financiers are always looking at the risk of non-repayment, and word-of-mouth is no substitute for written facts and figures in a properly-prepared business plan.The company's original business plan needs to be revised as new goals are set.Reviewing the business plan can also help you see what goals have been accomplished, what changes need to be made, or what new directions your company's growth should take.Even your friends and family, or the most aggressive angel investors.Things have changed., a business plan is still a must for some scenarios and some reasons.Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.The more you know about your industry, your prospective customers, and the competition the greater the likely hood that your business will succeed.Here are five good reasons why you should write a business plan when starting a new business.Writing a business plan is the best way to test whether or not an idea for starting a business is feasible, other than going out and doing it.

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