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The Murphy's law states that " anything that can possibly go wrong will go wrong" and Business Planning is the tool that helps the business to reduce that possibility of things going wrong.
Business planning is beneficial to the businesses at all levels of development, be it a new venture or an existing business.
Preparing a business plan can be a fruitful only if it can prove the business's capability of producing enough revenue to cover expenses and generate satisfactory returns to the stakeholder.
The business plan is the blueprint of building up a successful business.
It is a wide-range, all inclusive documents that should enumerate the ways to sustain the business in a profitable manner.
While preparing the business plan, we must ensure that it includes the essential sections that highlight the ability of the business to sustain.
A business plan is the primary selling document and should start with a synopsis highlighting the features and selling point of the business.
It should contain a realistic and truthful account of the company, its history and owners.
One of the sections should enumerate the products and services of the business and the factors that make them stand out in the market.
This should be backed up with a market analysis report that details the current and expected customer base, the position of the company with respect to the competitors and expected market openings.
The milestones along with the action oriented plan and strategies to successfully execute these strategies form an essential part of the business plan.
The business plan should also contain a brief profile of the management team focusing on their key achievements.
Utilizing the services of a professional for preparing the business plan is recommended as this document serves as the guideline and helps the business to stay focused.
However, we may also make use of various business planning softwares or books for preparing the business plan.
The business plan forms the mandate for the business to raise the required funds and commence its operation.
A successful business plan does not remain static and should be constantly referred to for ensuring that the business does not deviate from its stated objectives.
Market assessment is a huge task to undertake, but it is also a great tool to analyze the performance of a business.
The assessment should include detailed statistics regarding the sales, marketing mix and the targets.
A trend analysis based on some specific time frame will help to ascertain whether the set objectives were attained.
The assessment should be a comprehensive one and should look deeply into both the increase and decrease in sales.
The analysis should help the business to determine whether the increased turnover is a result of increased productivity or the result of some other temporary favorable external factors.
The analysis will provide the data regarding whether the sales has increased due to an increased customer base.
The comparison of actual market share of the business is-?-is, the target will indicate whether the targeted increase has been achieved in a profitable manner.
A detailed data regarding the quantum of market share gained or lost with respect to the target is to be collected and analyzed for any probable improvements.
Analysis of the sales promotion & advertisement expense will help in determining the effectiveness in the usage of the media to gain more customers and increased revenue.
The market evaluation brainstorming session can be considered to be very fruitful if we can generate enough ideas for improving the future productivity and profitability of the company.
Analyzing the market competition require diligent efforts in the direction and is never a child's play.
The analysis of competition should provide you with some tool to gain a competitive advantage over your competitors.
An ideal business plan should be able to identify the key competitors.
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