Business Planning in Relation to Business Growth and Management

For any company to succeed it is imperative to do business planning. The reason I am stating this is because most small business owners do not have a written plan. A company that has a plan has better chances of surviving than one that does not. A business plan should include a mission statement and a description of the business values.

Before starting a company include in your business planning an issue like market analysis to know the current trends and draw a marketing plan on how you intend to reach your target market. Choose the marketing tools you intend to use and be flexible in case you need a new approach. Also, have a financial projection to ensure a steady cash flow.

Put in place sound management structures to make sure there is smooth business operation. As you prepare, include structures that will enable your staff to be innovative and come up with new business ideas, this will encourage business growth. Rather than viewing creativity as a time consuming venture, device ways of assessing and implementing good business ideas.

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5 Business Plan Mistakes – How To Avoid Them

If you are preparing to raise capital from either an investor or a bank, you’re probably writing a business plan. Here are five of the most common mistakes that I have seen as a result of my experience as a corporate-finance consultant:

Submitting the Plan to the Wrong PeopleI have actually heard entrepreneurs say, “I don’t know why I can’t raise any money. I’ve sent my business plan to hundreds of people!” Don’t make this same mistake.

You should first determine that your prospective investor or lender has an interest in your industry and your business. Do this by making a call or sending an introductory letter or e-mail. If you can receive a referral from an accountant, attorney, or banker, that is all the better.

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Business Plans For Small Business – 3 Compelling Reasons Why You Must Have One

Business plans for small business people is an interesting phenomenon. Most business owners know they should have one but various research indicates only about 56% of small business enterprises has a current one. This article discusses 3 compelling reasons why you should have one if business success is your prime motivation, which is must be for all of us with our own business.

Read on to uncover the myths of business planning and the easy solutions to create one.

MYTH NUMBER 1: Business Plans for Small Business People Seem Difficult to Construct

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