Preparing A Business Plan

If you have existing customers, provide an analysis of who your customers are, their purchasing habits, their buying cycle.For more information, see these companion articles: Conducting a Marketing Analysis and Prepare a Customer Profile.You, the owner of the business, should write the plan.

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This is especially true if you are seeking financing.

A thorough business plan will have the information to serve as a financial proposal and should be accepted by most lenders.

Analyze your competitors' marketing strategies to learn how they reach the market.

If their strategy is working, consider adopting a similar plan.

You may still choose to use a consultant, but realize that you will still need to do most of the work, so why not tackle the plan yourself?

If you need further help in one area, then seek the assistance of the consultant.It requires you to be objective, critical and focused.The finished project is an operating tool to help manage your business and enable you to achieve greater success.They must also have the foresight to plan for future expansion.Whether yours is a new business or an existing business in the process of expanding, money is often an issue.The plan also serves as an effective communication tool for financing proposals.Planning is very important if a business is to survive.However, while each business needs a unique plan, the basic elements are the same in all business plans.To complete an effective business plan you must dedicate time to complete the plan.It is important for the reader to thoroughly understand your product offering or the services you currently provide or plan on providing.However, it is important to explain this section in layman's terms to avoid confusion.

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