Writing a Business Plan - 1258 Words

Now that the money is beginning to roll into your bank account you should celebrate some for all the hard work that you have done in getting your product out the door. This celebration should be short lived as now the real work begins because you need to watch the market, both the customers and your competitors response to what you are doing so that you can keep ahead of the crowd. Whatever you do, do not let your first product or service languish around because once the market finds out about it and sees that it is a hot seller the market will take advantage of this time and try to cash in on your fame and try to move past you. You need to make sure that you watch the market’s reaction to what you are doing. This means also your†¦show more content†¦Tip. Pick the right goal, â€Å"Is this for personal, business, or a little of both?† If you have a fruit company great results comes from setting the right goals. If you have both consumer and business customers, don’t emphasize one over the other as a goal, such as a goal of selling more to businesses than consumers. Setting a goal of selling more to businesses will skew your results and customer data accuracy. The more accurate goal is to get 100 percent of your customer’s information, whether they’re business or consumer, and let the customer and their data tell you t he story on how you’re doing. While you as the CEO may think a numerical goal is good, the reality is you’ll miss out on what your consumer or business customers are trying to tell you about your sales numbers (true story). Find/Set a deadline! Here you, a customer, an industry, or a season such as the Christmas holiday season, sets a stake in the ground when you want things done by, the shorter the better. Why? Because the longer the time the slower you get it done. As the â€Å"R† states in â€Å"Specific Goals,† you want to be realistic about the deadline. This also means that any changes to the first agreement or deadline may have to be negotiated again. â€Å"A goal is a dream with a deadline.† Napoleon Hill Make a goal task list. Take your goal and break it down into smaller and smaller pieces, detailed enough to show significant issues that affect the achievement or missed goal, but not smallShow MoreRelatedBusiness Writing : What Is A Waste Of Time?932 Words   |  4 PagesWriting 20 pages of meticulous plans about your startup is not going to make you money. You won’t get an investor to invest in your business because you had written a book about what you are planning to do. What gets you money? Actually putting your ideas to the test – showing results in real life not on paper. Starting a business is time-consuming and it’s hard. Don’t make it worse by spending a days in front of your computer creating a lengthy business plan. Essentially, do not waste timeRead MoreManagement and Business Plan Outline1301 Words   |  6 Pagesï » ¿How to Write a Business Plan Writing a business plan may sound simple enough, but it actually takes several dire and crucial steps. According to entrepreneur Darrell Zahorsky, the following steps are all essential in comprising a plan for one’s business: 1. â€Å"Audience Funding Type: When writing a business plan, you must determine who will be reading it. This decision will shape the business plan. Do you plan to go for  debt or equity financing?  Each form of funding for your business has pros andRead MoreProject Report On Business Planning1311 Words   |  6 PagesCHAPTER 4 PROJECT REPORT ON BUSINESS PLANNING[43] 4.1 MEANING [43] In simple words, business plan is a written statement of what an entrepreneur proposes to take up. It is a kind of guide frost or course of action what the entrepreneur hopes to achieve in his business and how is he going to achieve it. In other words, business plan serves like a kind of big road map to reach the destination determined by the entrepreneur. Webster New 20th Century Dictionary defines a project as a scheme, designRead MoreReasons For Start A New Business Essay1552 Words   |  7 Pages5. A) There are several reasons for starting a new business. The benefits include the owner’s ability to make virtually all decisions in the business, and can run it exactly as they please. The owner has the freedom to define the nature of the business, and create the preferred type of physical facilities. The owner can select a competitive environment, and take advantage of the latest technology, equipment, materials, and tools. The owner will also have control in selecting and developing personnelRead MoreBest Online Business Plan Services with Templates and Samples 810 Words   |  4 PagesOnline Business Plan Services with Templates and Samples Unless you have a lot of money to spare, or you are already a successful businessperson, startup funds are hard to come by. Even the most successful entrepreneurs need a plan to success. So, before anything else, write a business plan that is very feasible so youll earn reasonable profits. Whether you are starting your own business, aiming for a business loan or a support from private investors, you will need a business plan to defendRead MoreBusiness Plan1067 Words   |  5 PagesCOLLEGE OF BUSINESS UNIVERSITI UTARA MALAYSIA SEMESTER ONE SESSION 2011/ 2012 BPME 2043 BUSINESS PLAN Group A INDIVIDUAL ASSIGNMENT CHAPTER ONE: WHY PLAN? PREPARE FOR: Dr. Azizi Bin Hj Halipah PREPARE BY: ANG SHYAN HONG 197396 28 SEPTEMBER 2011 PART 1 1. What is a business plan? What are the advantages to preparing a business plan for a new venture? Business plan is a written document that carefully explains every aspect of a new business venture. For internal, theRead MoreBmgt 364 Assignment 2 Mini-Management Plan Essay1075 Words   |  5 PagesAssignment 2 Mini-Management Plan Click Link Below To Buy: http://hwaid.com/shop/bmgt-364-assignment-2-mini-management-plan/ Purpose: In the second assignment, students will complete a mini-management plan that demonstrates how an organization operates on a day-to-day basis as well as over the long run. This assignment helps students develop the skills necessary to assess a management situation and to write a report based on the findings A management plan is a report that includes numerousRead MoreResearch Towards The Financial And Accounting Sections For The Group Essay968 Words   |  4 Pagestowards estimating expenses and calculated all financial calculations. Performed at an above average expectancy for the responsibilities assigned, required little guidance, took initiative on research, and needed minimal editing and revisions in writing content. Worked well within the team and individually. Beom needed a little help with forecasting sales. He was a great asset to the team, with a great attitude, worked well on his own, completed his assigned sections, and contributed his fair shareRead MoreCreating A Product, And An Affective Business Plan1145 Words   |  5 Pagesto connect with the audience that they are writing for. An example of when I ran into this problem was in my Essentials of Business course. For this course, we were separated into groups in the beginning of the semester called, learning communities . We were taught every aspect of the business world, to prepare us for the future. Our last assignment for this course was to create a product, and an affective business plan to acquire investments from business professionals across the greater CincinnatiRead MoreBusiness Proposal1133 Words   |  5 PagesBusiness proposal A business proposal is perhaps one of the most critical documents you need to learn how to write. It is what spells the difference between success and failure, whether you’re a freelancer or you have a company of your own. In today’s cut-throat business world, entrepreneurs find themselves spending hours upon hours submitting business proposals to potential clients, and not get any results. On the other hand, there are those that are like snipers, able to get the contract after