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How to create a sound business plan

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  • How to create a sound business plan

    1.Write a business plan with a complete financial and marketing plan.
    2.Your marketing strategy should be built around your strengths, your competitor's weaknesses and your customers' desires.
    3.Test the reality of your business—know why it will work and how you will make it work. Think your business through step by step.
    4.Allow at least two hours every week for thinking and planning. Do not allow anything to interfere with this time. You run the business. Don't let it run you.
    5.Establish an annual operating plan. Review it and update it monthly with appropriate employees.
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  • #2
    Re: How to create a sound business plan

    hi for a sound business you have to knowledge of any business we you have to do.
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    • #3
      Re: How to create a sound business plan

      a business plan designed to inform employees of the company's long-term strategic intents may be promulgated differently from one intended to appeal to bank lenders and venture capitalists.

      Regardless of format, there are four major phases to business planning:

      1. Determine the current state of the industry and the market (Situation Analysis). Identify SWOT (Strengths, Weaknesses, Opportunities, and Threats).
      2. Set forth a strategic vision for the company (make sure it aligns with your success measurements).
      3. Determine the specific tactics within each of the company's functional elements (R&D, Marketing, Production, and Finance) that you believe will best support the strategic vision.
      4. Monitor progress by establishing benchmarks and conducting competitor analysis comparisons.

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      • #4
        Re: How to create a sound business plan

        Its really good tips.This tips help in business plan gives you a clear cut idea of what to expect in terms of money, competition, and what exactly you want to do with your business, in addition to what you're going to offer customers.
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        • #5
          Re: How to create a sound business plan

          Keep in mind that there is not one specific format that you should use, or one best way to lay out your business plan. However, there are some steps you can take to make the process go a little more smoothly; we've listed what we think is the easiest method, below.

          Step 1: Making the Commitment - be sure that you desire to work for yourself is truly greater than you desire to work for someone else.

          Step 2: Analyze yourself - list your strengths and weaknesses. Determine how you can build off your strengths, and improve on your weaknesses. Remember, this can be a daunting task because you may have to own up to a few shortcomings you're not prepared to recognize!

          Step 3: Choose a Product or Service - this sounds silly, but just because you think you know what business you want to be in, it doesn't mean your idea will be a profitable one. Take a look at the feasibility of your idea.

          Step 4: Research Your Market - marketing research is crucial to the success of any business, large or small. The more you know about your potential market, the greater your chances of securing the customers you want, right out of the gate, and that means making a profit.

          Step 5: Forecast Your Sales Revenue - after you take a look at the market your product is best suited for, estimate the percentage of that market that you think you will reasonably be able to take over. Take in to account the number of your competitors, their size, and the amount of market they already have. It is important to be realistic during this exercise.

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          • #6
            Re: How to create a sound business plan

            Planning is one of the best source for build business as well .. I know that It is very hard to build sound business plan.. It is depend on our budget , geographic market as well as competition and our competitive edge also.. So First of all , We can require prefer the market very well then We will build the sound business as soon as.
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            • #7
              Re: How to create a sound business plan

              The following are six steps that will produce a worthwhile buiness plan:

              1. Write out your basic business concept.

              2. Gather all the data you can on the feasibility and the specifics of your business concept.

              3. Focus and refine your concept based on the data you have compiled.

              4. Outline the specifics of your business. Using a "what, where, why, how" approach might be useful.

              5. Put your plan into a compelling form so that it will not only give you insights and focus but, at the same time, will become a valuable tool in dealing with business relationships that will be very important to you.

              6. Review the sample plans we furnish and download the blank format to a MS Word document. Fill this in as you progress though the course.
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