Small Business in a Big World

August 12, 2010

Tips on making an effective business plan

Filed under: small business,Uncategorized — itbiznez @ 10:00 am

‘[tweetmeme source=”lone_biz_owner” only_single=false]’ Some people overlook the fact that business plans are important. Very important in fact because it will be a guide for those who are just starting out on their own. The goal of putting up your own business is not only to make money but to have a sustainable source of income and a sense of fulfillment as well.

Here are some tips which could help you draft your own business’ guide to success:

  • Do not forget to include a financial and marketing plan. The purpose of having a business plan is to get you organized and for you to know which plan of action should be taken next. If you include a complete financial and marketing plan, you would be able to prepare for budgeting problems which may arise and how you can bounce back from it.
  • Prepare a triple threat. You have to know your strengths, what your competitor’s weaknesses are and your customer’s desire. With these in mind, you would be able to develop a marketing strategy which would ensure your success in your field.
  • You should be in touch with reality. You should know the ins and outs of the business you will be entering. That way, you would be able to know how and why your business will work. Think everything through because a failure to plan is a plan to fail.
  • Give yourself time to think and plan things thoroughly. It’s like going to war, you should be armed and ready.
  • Let’s say you already put up the business and it is running quite smoothly, you shouldn’t stop there. You have to update your business plan at least once every year to ensure your company’s continuous growth and development.


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