Business Plan

Business Plan

 

Having a business plan should be a primary goal to the modern day business owner.  Failing to plan for future events is in effect, planning to fail.  One must be concerned with details of any small business in order to oversee the project until it is in full production.  A significant business plan should include a basic checklist of business profitability goals and one should endeavor to keep to the course until the checklist is completed.  Turning to Wikipedia, the wealth on online information and resources, the following statements about a business plan follow.  "A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.

The business goals being attempted may be for-profit or non-profit. For-profit business plans typically focus on financial goals. Non-profit and government agency business plans tend to focus on service goals. Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. A business plan that has changes in perception and branding as its primary goals is called a marketing plan.

Business plans may be internally or externally focused. Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders. They typically have detailed information about the organization or team attempting to reach the goals. With for-profit entities, external stakeholders include investors and customers.^[1] External stake-holders of non-profits include donors and the clients of the non-profit's services.^[2] For government agencies, external stakeholders include tax-payers, higher-level government agencies, and international lending bodies such as the IMF, the World Bank, various economic agencies of the UN, and development banks.

Internally focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization. An internal business is often developed in conjunction with a balanced scorecard or a list of critical success factors. This allows success of the plan to be measured using non-financial measures. Business plans that identify and target internal goals, but provide only general guidance on how they will be met are called strategic plans.

Operational plans describe the goals of an internal organization, working group or department.^[3] Project plans, sometimes known as project frameworks, describe the goals of a particular project. They may also address the project's place within the organization's larger strategic goals.^[4][5]"  This clear and concise explanation of a prime business plan should be helpful in the overall performance of said business.  To bullet point the above business plan system, it will be necessary to highlight the basic business plan to bring it to fruition.

 

• The first step is to visualize the success of your business.  Without this essential move, one tends to become too wrapped up in the details, and therefore, has little success of achieving the work.
• After visualization, comes the actual work in putting together the program that will lead to substantial wealth creation.  This is an ever evolving process in most professional businesses.  There really never comes a point when it is all done on auto pilot.
• Setting short term and long term goals is essential in building a strong and viable business.  Often times, people tend to become focused in other areas and neglect the essential tasks at hand.
• Laying the groundwork for the new business is essential.  Determining how much money is required from the new business is critical.  There is never a need to make broad statements like "I need to make money."  Be very focused with the plan, and it will work flawlessly.
• Obtain necessary business training and business sales mentoring is an added perk to the entrepreneur.  Taking advice from a person, or persons who have built a business is wise investment.
• Never lose sight of the fact that building a business is serious work.  One never achieves a level of financial mastery without honing business skills that will lead to the success desired.

There are many more important elements to discuss in any business plan.  There will be ongoing articles that will be specifically designed to inform people about the importance in choosing the correct professional business to associate one's time in building.

 

Rigo Dominicci-Marketing Specialist
Apex Business Marketing, Inc.
109 Lake Davenport Blvd.
Davenport, FL 33897
Office Tel:  (863) 420-2648
Toll Free:   (877) 562-6044
Office Fax: (863) 420-6878
Email: rigo@apexbizmarketing.com

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http://businessprofitabilitygoal.net

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