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On November 23, 2009

Business plan – Steps and Concepts

For: 100 Business In: Entrepreneurs | Lists and Tips of Business | business Plan


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His business plan is like a waybill for the long-term success.

Has it ever been in a situation where you do not have a map to find his destination and it got lost, losing simultaneously a beautiful time and money? Very well, the same can happen to his business if not to plan his commercial strategies.

Why does a business plan need?

It gives him a clear direction in which his business is the game. Many business entrepreneurs only jump in the creation of a company without investigating and doing a concrete plan. Inevitably, soon they will discover that they are short of money, time or clear strategies of how commercializing his business.

These are 8 simple steps to create their own business plan (this is not a global plan, but a manual to initiate it in the topic):

1. Name of his business – to create a name or to re-evaluate the name of of his business. Does it integrate well with what it sells? Is it easy to spell and to remember? Is it a name that can be mercadeado long-term? If he needs ideas to generate a name for his business, check this video of shehab.org of business Ideas.

2. Vision: how will your business be seen in 5 years from now on? Think about how he should extend it to include other branches or extra work.

3. Mission – this defines what his company really does, what activities it realizes and what has of special, that stands out of his competitors.

4. Goals and targets – to define clearly what he wants to achieve with his business. Make sure that should be quantifiable and that should establish lines of specific time. Establish specific goals for each of his products or services.

Something Must Have Happened
Creative Commons License photo credit: rox sm

5. Fortitude, weaknesses, opportunities, threats (FODA) – for the analysis of these characteristics in his business, you will receive an idea clearer than it is needed so that you not only survive but also prosper. To see how a FODA is made, check this video of How creating an Analysis FODA.

This might include such factors like:

- The changeable industry where his company is
- The market that can change due to the social and economic statuses.
- The competition that can create new threats and / or of opportunities.
- The new technologies that can do than to change the products or the process into the way of doing the things.

The evaluation of his FODA will help him to:

- To strengthen his strong points
- To solve his weaknesses
- To make use of the opportunities
- To avoid the threats

To do this analysis will help him to create a more realistic ambience of his strategic plan of action.

6. Strategic action plan – this is the most critical step of his business plan, because without her, his business does not detach of the soil. This must include the strategies of sales and commercialization.

7. Financial plan - a company can work without budgets, but it is clearly a good managerial practice to include them. With the budgets, it will have more probabilities of reaching his business targets, will take more accurate decisions and will have better control of his cash flow.

For any period, the cash flow state includes:
- The money and the credit of sale (or account receivables) that hopes to be received during the period.
- The payments in cash due (for example, the expenses of buys, the wages, services, taxes, office expenses, etc)
- A description of cash of entry and exit of other income or expenses, with a calculation of the balance of general box.

This part of the business plan is going to evaluate how much money is in the hand to satisfy his financial obligations – how much cash has been received and what has been paid. The knowledge of this cycle of cash flow will help him to predict when it will receive the funds and when they will be necessary to do a payment.

8. Measurement and evaluation – already wrote his business plan and fixed the targets with the intention of reaching them. So now it has to break them in pieces that it could measure and monitorear the results regularly. A plan that cannot measure itself is almost always destined for the defeat.

Decide in advance what constitutes a serious real loss and that loss will be acceptable.

If you think that his goals are slightly realistic and unattainable, them fit, but dese it tells that it is necessary to work hard to reach them, so that
do not give up easily.

Conclusion:
Now when you have a business plan, it do your part on having known it and to understand it with clarity. Construct on him continuously and use it as it indexes often, so that it remains about to the construction of a profitable business.

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