Business Plan Services – The 5 Key Stages of the Process

Business planning can never be truly outsourced. If a contractor or consultant is brought into the process they may be allowed to take the lead, but the work will still require extensive collaboration between the entrepreneur or business managers and the contracted firm. This collaboration process will take a different shape depending on the specific firm you are working with, but should include these important stages: 

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11 Reasons You Need to Have a Business Plan

  1. You need to have the opportunity to be able to formalize your plans. By going through the motions of creating a plan, you get to write your thoughts on paper allowing you to organize thoughts more effectively.
  2. A Business Plan will put you in a better position and give you a better chance for success.
  3. Do you plan to approach a financial institution or a venture-capital firm for funding. If so you will definitely need a business plan.
  4. By creating a business plan, the process will help you to create Long Term Goals, Mid-Range Goals and Short-Term goals.
  5. Helps you to determine resources needed to assist in the operation of your business.
  6. Helps to identify obstacles and challenges you may face each day thus allowing you to make clearer business decisions with more confidence.
  7. Will help you to learn things about your business you didn’t realize before, this will help with sounder decision making in the days, months, and years ahead.
  8. How do you know if your idea is viable? Preparation of an Internet business plan is a great way to get the facts to provide proof your business idea will be worth investing more time and money into.
  9. Improve your strategy – Test different assumptions related to your market through your own Internet business plan strategy. Through the use of spreadsheets you should be analyzing financial scenarios and refining your strategy as needed. Review various costs, prices and market conditions related to your market and experiment with different scenarios – “Be Open to changing your approach and plans accordingly.”
  10. Creating your customized Internet Business Plan gives you credibility by showing people you are taking your on-line business venture seriously. Taking the time to research your business project and the market demonstrates your commitment to success.
  11. Keep your company focused on results – As your company grows it is important to compare business progress to your projected goals as well as objectives. It is important to your success you evaluate your company’s progress and ward off possible problems which could arise. A business plan will help to keep your company focused on results and on track to succeed in your chosen market.

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Top 10 Business Plan Tips

1. The most difficult part about writing a business plan is knowing where to start. If you have lots of thoughts floating around in your head, brain dump all of these onto a piece of paper. Once you’ve done this, it’s much easier to start organising your thoughts into categories i.e. finance, how the business will work, marketing etc.

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