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Planning

The planning stages of your company are very important in figuring out what you want and what you don’t want.

If you are the sole proprietor of your business it can be a time to map out your dreams. If you are working with other business partners it can be a great time to bounce ideas off each other and compromise. Working with others in the planning stages is very positive because they can highlight aspects you may have overlooked or may shed a different view on things. It is always a good idea to ask for feedback on your ideas from someone who is experienced. This can help you to find out do’s and don’ts from someone who has firsthand experience.

A lot of time and effort should be put into the planning stages. They should also be reviewed regularly because what once might have seemed like a good idea can change drastically based on the market, trends, finances, and more. The planning stages of your business also need to succinct and direct. This leaves no room for interpretation when it comes to implementing your strategy. This involves having your projected expenses and budgeting as close to the real number as possible. It is often beneficial to project that your expenses will be greater than they are so that you can budget for miscellaneous and unforeseen expenses.

It is also important to be realistic in your planning stages. Although you may want to have a company of thirty employees maybe in the beginning stages it is more practical and financially feasible to have ten employees. If your company grows and is profitable you can look at expanding further down the road.

We will discuss many of the different stages involved in planning including:

Brainstorming For Business

Brainstorming For Business

Inspiration for a new business venture can come from anywhere.  However, developing the initial concept into a complete business plan, with considerations such as marketing and production, can be a daunting and unenviable task.  In the end, the difference between a concept developing into a successful business model and spinning your tires in the planning stages can be the careful planning and research undertaken in the earliest phases of the concept. Customer Profiles Perhaps one of the most prolific strategies for developing a target market for your product is to think of and record detailed descriptions of who may want to purchase the product.  From that data that you collect you will then be able to actually create a profile for which customers typically...

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Describing The Details

Describing The Details

Having sufficient resources can obviously be one of the most important aspects to the longevity of any business concept.  However, in order to gain interest from potential investors it is first necessary to have a business plan to propose to anyone interested in making a financial contribution.  It stands to reason that an idea may seem like a grand opportunity to the creator, but to an outside party, the concept must be explained in a coherent and consistent manner. Executive Summary This section of your business plan is designed to summarize the key concepts, ideas and considerations for your intended audience.  This will always be the first section in any sort of business proposal or arrangement.  In order to create an impactful summary you will want to make...

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Developing Depth

Developing Depth

Producing a competent business plan can be an extremely challenging endeavor, especially when it is lacking professional elements and consideration.  The notion behind developing depth for your business proposal is to determine what the concept offers in terms of its contribution and to the business world and consumer markets.  However, this is only the first step in developing depth. Often, it becomes too overwhelming to be able to expertly tackle all of the facets of growing a successful business.  It is also often the case that it can become financially overwhelming to infuse your business with the necessary capital to succeed.  Fortunately, there exist two platforms that can assist in the initial success of your start-up business.  Accelerators and incubators...

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Planning For Prosperity

Planning For Prosperity

If you have already created a successful business but are looking to grow your initial concept in terms of size and scale then there are a number of important aspects to consider.  The two broad types of growth are intensive growth and integrative growth.  Each type of growth offers a large variety of different strategic elements to consider when expanding your operation.  It is important to choose a strategy that best fits the goals or ambitions associated with growing your business and to what extent you would like your growth to reach. Intensive Growth Perhaps the most rudimentary concept involved with growing your business is to choose a strategy that involves garnering the greatest volume of success in exchange for the least amount of work involved and the...

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