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Business Planning Basics (Continued)
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Do write up the business plan summaries before filling out each area. The summary can serve as a basic guide, and can always be changed later if needed. You’ll need to write up the general idea of what the section is about so you have a simple outline before getting into the details.
Don’t analyze trends too early. While it’s a good idea to do some market research and learn about your customers, determining market potential too early on can lead to poor decisions. Effective business planning requires that you find only the information that supports your ideas at this present moment, and then using solid financial projections for forecasting at a later date.
Do outline a marketing budget and plan. Your marketing plan doesn’t have to be complex to be effective, and there are many ways you can work on promoting your business and developing a strong customer base. Make a list of at least 5-8 marketing objectives and strategies so that you can coordinate your marketing plan immediately from the startup of your business.
Don’t share your business planning strategy or ideas with too many people. You want to make sure that your plans and information remain confidential until you are prepared to launch. Sharing your ideas with too many people can easily make you lose out on a great business opportunity.
Do include sales strategies and marketing tools you want to use. This will help you narrow down which approaches might be most effective for your business as you start out, and you can always build upon them as the business grows. Having these ideas in writing will help you keep track of your objectives with ease.
Don’t include your background research or additional ideas within the final plan. Business planning does require some strategic reporting, and you don’t have to ‘publish’ all of your research in the final plans. Take the time to weed out what is most important for you as you get going, and organize the plan as if you were going to be presenting it to a board for review. This will help you filter out what is necessary for the beginning phases of your small business startup, and what can wait for additional review at a later date.
Effective business planning takes time, patience, and strong research and organization skills but the effort is well worth it. Following some business planning basics is all you need to get started, and you can work on building up your plan with ease as the business grows.