Business Planning Steps

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You might be starting small, but you don’t have to stay that way.

So write down the possible opportunities for your business as it grows.

Review it at least once a year and make changes if necessary.

Above all, keep getting feedback from your advisors – official and unofficial ones.

For example, perhaps you’re planning to start by selling over the internet. If not, how will you convince people to buy from you?

That’s great, but how will you get traffic to your site? As the business grows, is there scope for a bricks-and-mortar retail outlet?Also, you should only include what is necessary to support what you’ve said elsewhere.Step 8: Review Your Business Plan and Write the Executive Summary Finally, you’re ready to review your work and finalize the executive summary you outlined in Step 1.You may be wondering why you need a plan in the first place.After all, you have a clear idea in your mind about what you want to achieve. Here are just a few of them: This is where you describe your company and the product or service that it will sell.Make a list of everything you can think of about your business. Step 2: Outline the Executive Summary The executive summary is a high-level overview of the rest of your business plan. What is the user experience with your business like?It will also be the first thing that prospective investors, partners, and lenders see about your business, so you should take the time to get it right. This section should answer all these questions to familiarize readers with your business and make it relevant.You know the market, you have the necessary skills. This must be brief, to catch and hold people’s attention.Try to describe the goal and mission of your business in just a couple of sentences. Treat this section as an ‘elevator pitch’ document – it should be succinct and easy to remember.That's more likely to convince investors that you're serious.Your business plan is a roadmap for your business – but it's not set in stone.

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