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Successful Businesses Have a Plan (You Should Too)

Starting a business was hard before the economy tanked and the stock market fell off the face of the earth. The situation has gotten worse as individuals and businesses cut back on spending. Today it is harder than ever to run a successful business.

Having a plan for your business has never been more important. When people hear the words “business plan,” there are emotional swings in their facial expressions. Many people are petrified at the thought that they need to sit down and write a business plan.

Believe it or not, it’s not that bad (once you know what to put in it). Whether you are just starting out or have an existing business, you need to make sure you have a business plan in place. Every business plan will start with these things:

Mission Statement – is a written statement that defines the purpose of the company. It will include things like organizational goals and the overall direction of the company. Often mission statements are only a few sentences long. They should be clear, concise, and to the point.

Company Description – What is your legal structure (corporation, LLC, partnership, etc.)? What is the history of the company (when and where did they start operations)? What is your business plan, when and where will you start the business?

Your customers – who do you want to sell your product to? What is your market niche (you need to define it, this is key)? It’s easy to say you want to sell to everyone, but you should hone your market for a specific demographic. May be by age (25 to 40), gender (female), homeowner (yes), parent of children ages 5 to 12 (yes), living in a region of the country (Atlanta). Well, you get the idea, you might not have those restrictions, or you might have more, it’s up to you, so define what it’s going to be.

Your Product – Once you’ve defined your customers, it’s time to make sure the product matches them. If you’re selling senior housing, and you’re marketing it to the 20 to 40 year old crowd instead of the 55+ age group, you’re wasting money and could go out of business very quickly.

This list is by no means exhaustive. There are whole books on the subject, go to your local library or bookstore and check out some of them.

Strategy Based Profit Tips:- The point here should be that you need a plan, and the sooner you need it the better.

robert roy

money man

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