July 18, 2008, Newsletter Issue #6: Why A Business Plan?
Tip of the Week
A business plan is a step by step guide to your company, product, and information. The business plan shows previous results, ideal strategy and future forecasts. It is a guide to where the company (or product) has been, where it is going, and how you will get there.
The tip is to first, take a breath. You want to begin with your key points, or drivers, of the business. What is the product? What does it do? Why does it stand out? Who will buy it? Why will they buy it? How much does it cost? What are the resources? How will these resources grow? How will the business manage risks?
Answering these questions will prepare you and your business for making the actual business plan.
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