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Being "Other" Focused In the Wall Street Journal, Franklin Lavin, U.S. Ambassabor to Singapore wrote the Manager's Journal column about some of the things he learned from the late President Reagan while working on his staff. ******** PLEASE NOTE...
Good News in Our Brave New World
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Business Plan Basics
A business plan serves as your personal playbook for your own
business. This written document serves to identify your goals
and lay out your method of attack for achieving each one.
Writing a business plan is essential to the success of any size
of business, from major corporation to budding entrepreneurship.
Many successful businessmen and women can relate first hand to
the importance and necessity of developing and writing this
essential document. Regardless of your level of expertise in the
realm of business, do not be tempted to skip this important step
in the development process. You would not think of beginning a
road trip without a map, so why leap into a business without a
proper plan?
The old adage states: "Individuals who fly by the seat of their
pants often end up with ripped pants." That saying could not be
more applicable that in the entrepreneurial world. Regardless if
you are striving to develop a multi million dollar corporation
or a modest home based business to provide an extra source of
income, you will find writing a business plan will aid you
tremendously in addressing and accomplishing your goals. When it
comes to the basics of this plan, start from the beginning.
Consider writing the history of your fledgling business and be
sure to include the reason why you felt compelled to enter the
world of entrepreneurship. Usually, individuals leave their
present jobs to work for themselves due to office politics,
dislike of employers or coworkers, or unfair office standards.
Whatever prompted you to start your own business should be
included in your plan.
A major part of any business plan is the statement of purpose.
Why did you form this company? What products or services do you
offer to clients and why should they be interested in them?
These questions are quite important when laying the footwork
for
your fledgling operation. If you find yourself unable to answer
these questions, consider doing research into your goal and the
potential clients in your area. Look to other businesses
offering similar goods or services in your area. You may not
have the advertising resources or long standing reputation to
compete with these companies, so consider choosing an
alternative route that will lead you to the same goal.
Money is a huge part of your business plan. Finding what source
of finances that will provide funds for starting costs and pay
other necessary bills is essential to the success of your
business. Use this opportunity to carefully examine your usable
funds and determine who will provide the money for start up
costs. Usually, the topic of finance is uncomfortable, but take
the time to clearly address any issues with logical, rational
thinking. If you need to speak with banking representatives to
apply for financial loans, take the time to do so before you
write your plan. Upon writing your business plan, you should be
able to account for every penny of money that has been spent or
is planning to be spent on business related purchases.
Using these business planning basics will allow entrepreneurs of
all skill levels to quickly and easily develop the ins and outs
of the developing company. Once your business is "born" on
paper, it is more likely to succeed in the real world.
About the author:
Matt Bacak became "#1 Best Selling Author" in just a few short
hours. Recent Entrepreneur Magazine's e-Biz radio show host is
turning Authors, Speakers, and Experts into Overnight Success
Stories. Discover The Secrets To Unleash The Powerful Promoter
In You! Sign up for Matt Bacak's Promoting Tips Ezine ($100
value) just visit his website at http://www.powerfulpromoter.com
or http://promotingtips.com
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