Refining Your Business Plan

Small Business Guide: Refining Your Business Plan.   Many people need to modify their business plan to suit their audience for which the plan is written. Below are some examples for intended audiences:   Raising Funds from Outside Parties: If your business plan is for bankersinclude: Amount of loan How the funds will be used […]

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4 Essential Elements for Management and Organization in Your Business Operational Plan

4 Elements to include in your Business Operational Plan: Management and organization Who is going to manage the business? Include professional and advisory support positions, such as board of directors, attorney, accountant, insurance agent, banker, bookkeeper, mentors, key advisors, etc. How much money will be contributed by each investor What ownership percentage will each investor […]

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The business’s operational plan should be included in the business plan.

What is an operational plan? An operational plan describes the daily operations of the business, such as its location, equipment, people, and processes. The business plan usually touches on these specific topics, but in the operational plan you will want to go into more detail about your business’s location, equipment, inventory, suppliers, etc.   In […]

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Who are your Customers and Who is your Competition?

Identify the customer groups for your business. Of course, your customer groups depend on whether you plan to sell directly to consumers or if you sell through a channel of distributors, wholesalers, and retailers.   In your business plan include your targeted customers, their characteristics, their geographic locations/demographics.   For each customer group (you’ll probably […]

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Small Business Guide: Marketing Plan

Research, research, research, then develop a marketing plan! Sounds simple enough, right? NO! A lot goes into marketing a business, especially if it’s a new business or if you plan to market a unique product.   Researching your business’s market space will enable you to know your intended market and how to appeal to potential […]

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