Three Tips to a Lousy Business Plan
Good morning, fellow leaders. This last week, I was talking with a business owner acquaintance of some years about how he’s revamping his business plan. He’s done it a few times since I’ve known him, and not because he’s changed businesses. He revamps it because his business is constantly changing. There’s a big difference in those two phrases.
I was reminded from that conversation of the three things I see business people do with their business plans that guarantee mediocre results. Here they are. If you want a lousy business plan, do the opposite of what my friend did, in the following ways:
1. Forget about emphasizing the marketing aspects. In reality, about 75% of a good business plan should be all about how you’ll market. Sales and marketing are the two areas that new businesses struggle the most with. Makes sense, especially to an investor, that you should put a big emphasis on this future challenge.
2. Write it once and forget it. The only thing that was best written once and then left that way is the US Constitution. Everything related to your business plan should be constantly reviewed. It should be seen as an evolving document, because that’s the nature of business. You should review it every six months.
3. See it as the one thing you can put off in running your business. In reality, creating and updating your business plan is the one thing you can’t put off without hurting all the other things you do every day that seem so much more urgent. Your plan gives priority and direction to your energies. Do it first, review it often.
As always, if you have any stories or questions to share, I’d love to hear them!
Joe Pursch
Comments
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Great tips on internet marketing.
You Know...
Making money on the internet isn’t really that hard, you just have to find a niche and find a way to work everything.
Today most of the businesses failed, because no one gave importance to learning; only having a good idea is not always enough. Learning is the everlasting process.
It is not necessary if you have a solid idea then you will succeed. There are so many things you have to look when you are starting any new venture, just having an good idea is not enough, you need to have knowledge and strategies and proper strategy execution is far important then just having a strategy under your belt, and most crucial part is you have to craft yourself according to the needs of the market and without learning its not possible.
I personally like your post; you have shared good insights and experiences. Keep it up.
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