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Different ways a Business Plan can be beneficial

Apr 17, 2008
A business plan is beneficial because it requires you to evaluate the direction of your business and it if done correctly can reveal some of the obstacles you may face. A correctly done business plan will act as a guideline to keep you on track when you become immersed in the day to day activities of your business.

Companies make business plans for diverse reasons but the process of forecasting will in itself improve the chances of success in a business environment that is very competitive and challenging. Everything may not develop the way it is designed within the business plan but planning gets your organization prepared for what it will encounter. Developing a roadmap increases the likelihood that your company will be better prepared and responsive to upcoming events.

1. Describe what products and services you will offer.

2. What value you will provide customers?

3. What problem does your organization have the solution for?

4. What price point do your goods or services need to be at?

5. How long do you want to be in business and what is your exit strategy?

Setting your organizational goals and objectives is really about channeling your members' energy and focus. Your business plan and mission statement can also be used to motivate the core personnel in your organization. Direction will ensure that each person's actions are channeled in the same direction, with the same outcome in mind.
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