Friday, April 6, 2012

Small Business Plans - Top Tips


One piece of advice that is given to people regardless of the type of business or industry they want to get into is to create, and stick to, a business plan. Your business plan helps keep you on track, organized, and gives you written goals to work toward as you make decisions for your business.

When writing business plans, many people focus on the long-term, and write plans that span five years, or even longer. However, your plan can be shorter. You can write 30 60 90 day business plans to give you short-term goals for your business and help you to be more successful.
Regardless of the length of time your business plan covers, there are key elements in plans that make it comprehensive and successful.
Your business plan should start with an executive summary. This is an overview of your entire plan, and a history of your company. Next is a marketing analysis and strategies, which is your knowledge about your business's industry, any market research highlights and conclusions you have, and your marketing strategies for your company. This section may be shorter in 30 60 90 day business plans. Following the marketing analysis is a company description, including your service or product line, and the organization and management of your company. The business plan will end with your funding request, your financial statements, and an appendix that includes any other relevant information.
Though many people prefer to write longer business plans, there are advantages to writing 30 60 90 day business plans for your company. Shorter business plans allow you to take smaller steps toward your goals, which is more effective for some people. Sometimes, having bigger long-term goals can be a bit overwhelming, especially if owning a business is new to you. It can also help you keep better track of where you are in your plan, as well as where you're going.
On the other hand, there are also advantages to writing more long-term business plans. A five-year business plan, for example, allows you to think a little further into the future and think about where your company is going and your goals for its success instead of simply getting through your 30 60 90 day business plans. Some people work better if they have long-term goals they can move toward instead of feeling intimidated by the close deadlines of shorter business plans.
The important thing is to find a plan that works for your company and can help your business be successful, whether that be five-year or 30, 60, 90-day business plans.

1 comment:

  1. But according to me it is advisable to people to have both the shorter plan as well as the long term goals. If the company has a long term goal and it split those goals into small parts then it will help them to reach their destiny in the optimal way.

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