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Did you know that December is National Write A Business Plan Month? It is a time to celebrate your wins and to reflect on the challenges you have encountered. Business planning and success are closely intertwined with each other. You cannot think of one without considering the other. Discover how you can leverage business planning in preparation for a more profitable and successful year ahead.
Why the need to plan?
Everything starts with a vision and a plan. These will serve as the blueprint for your course of action in the future. The pandemic had a huge impact on the world’s social institutions. Because of this, 2020 will be a year to remember for generations to come. It reminds us of the constant need for preparation. They help us focus on goals and take immediate action to pivot as the need arises.
“If one does not know to which port one is sailing, no wind is favorable.”
-Lucius Annaeus Seneca.
Essential parts of a good business plan:
The Executive Summary will serve as an outline of what your business plan contains. Generally, it consists of information related to the nature of your business, product descriptions, financial features, and requirements, not to mention your current positioning and major achievements.
Your Business Description contains information regarding the nature of your offering/s. It should include a short explanation of the industry you are in. Furthermore, it must contain information on the current status, as well as trends and developments that can potentially benefit or negatively impact your business. Moreover, you should include a clear account of your business structure. For example, you should include details such as your being a wholesaler or a retailer in the pharmaceutical industry.
A Sales and Marketing Strategy describes how you aim to achieve your plans. It also covers the topic of your current position in relation to competitors in the field.
A discussion of Operations and Management is another important part of a business plan. It should take two important factors into consideration which are your operational plan and organizational structure.
Points to consider
Business planning and success are closely linked to each other. So, how do you ensure that things are carried out according to plan? Or equally important, how do you facilitate the transition from one plan to another if the original one does not work? The answer would be to have a team that is able to spot crucial developments and adapt accordingly.
We specialize in the area of virtual assistance, a field that is continually growing in relevance as an effective answer to challenges brought about by changes. Translate your plans into realities. Get started today.
