This is a continuation of our series on how to build a viable business empire from the scratch. Enjoy the recommendations.
Quote of the day:
‘’First comes thoughts; then organization of the thought into ideas and plans: then transformation of those plans into reality-Napoleon Hill, author ‘’Think and Grow Rich’’
Successful entrepreneurs, without exception, transform their ideas into business and action plans, and then execute on those plans.
It is virtually impossible to start and or grow a successful business company without a successful business plan . As it is always said , ‘’if you don’t know where you are going, you might not get there’’.
In a successful business plan, the entrepreneur clearly states where they are going , and how they are going to get there . The process of creating your business plan allows you to uncover opportunities, identifying strategies to employ, and create an action plan for achieving success.
VITAL ELEMENTS OF THE BUSINESS PLANNING PROCESS INCLUDE:
*Determining Comparative Advantage: This is determining how you can create sustainable competitive advantage that propel your company to long-term success.
*Customer Needs Assessment: Expertly uncovering the true needs of your current and potential customers so that your current and future products and services can better attract and serve them.
*Industry Analysis: You need to identify the key trends affecting your market to make sure that your business will profit , rather than be harmed, from these trends three to five years from now and beyond.
- Marketing Strategy: Determine the mix of promotional activities that will most effectively generate leads for your business, and plotting out the ways in which you will convert those leads into initial and lifelong customers.
*Operational Plan: You should map out your internal processes and slicing your long term mission and goals into smaller, actionable milestone.
*Management Team: You need a committed human resources that will assist you to achieve your vision and how you will attract these talents.
*Financial Planning : You should truly understand the economics of your business and its short and long-term cash flow needs, to ensure that you don’t run out of capital.
Experience has shown that most entrepreneurs don’t create business plans at all. Fewer create complete business plans that accomplish the goals outlined in the points above. And even, the fewer ones, properly use their business plans to measure their performances.
And still, fewer ones, constantly update their business plans to reflect changing market and internal conditions,which is frustrating because those entrepreneurs that understand how to create a successful business plans, spend the time creating their plan , and gauge their performances against and consistently updating their plans. These category of wiser business people are those that record significant success.
To be. Continued.