DEVELOPING A THOUGHTFUL BUSINESS PLAN
Business planning can be technical. From the market and financial models, to the expansive analysis, planning for a business requires the technical skills of a financial and business development expert. Notwithstanding the technicalities, a business plan should always be a great read. One's business plan should be enjoyable to read and should communicate the vision of the business over the period of time. A business plan needs to fulfill a key purpose; show the path of development of a business in terms of its market and finance. When looking into the industry and market, the analysis should consider micro and macro factors; Micro factors such as the market structure & size, consumer's behavior, market segmentation, competition, amongst other things. As for the macro factors, the considerations are; the industry's trends, industry's growth rate, political factors, social factors, technological factors and economic factor. While market research is a key aspect of preparing a business plan, it is critical to note that the references and studies from One's market research must be very analytical and objective. To prepare the business plan, you must pursue facts untiringly. The business plan will stand or fall on the completeness of your Market research. In particular, you must business proposal dig out the facts that will bear on your production and marketing, organization and legal aspects. You should keep complete notes, document all facts, back all assumptions and give authority for all opinions; otherwise, you may lack credibility with investors and creditors.
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November 2018
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