The Successful Business Plan

Category: Education

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The Successful Business Plan : 

The Successful Business Plan

Factors of a Successful Business : 

Factors of a Successful Business The Business Concept Understanding the market Industry Health and Trends Consistent Business Focus & Clear Strategic position Capable Management Ability to attract, motivate & retain employees Financial control Anticipating & Adapting to change Company’s Values and Integrity

Business concept : 

Business concept The Business concept arrived through: Previous work experience Education & Training Hobbies, Talents, other personal interests Recognizing an unanswered market need Factors to be considered: Something new Something better An underserved or New market New Delivery system or Distribution channel Increased Integration.

Understanding the Market : 

Understanding the Market Market demand to support your business In case of new product or service is it receptive in the market – Do market research If cannot afford elaborate research small amount of analysis is required

Industry Health & Trends : 

Industry Health & Trends Respond to industry-wide factors affecting your company’s performance Raising money to start or expand troubled industry is difficult Understand what direction your industry is going While seeking outside funds the business plan must assure investors/bankers about the factors you have considered about health and trends

Clear Strategic position and Consistent Business focus : 

Clear Strategic position and Consistent Business focus Main focus of business to be maintained This helps in distinguish yourself from competitors E.q.: Manufacture of Jeans by 4 companies. Positioning your company – Maintaining Consistent style – décor, stationary Statement of Mission – short term and long term

Capable Management : 

Capable Management Management team should be with capabilities Experience Realism Flexibility Ability to work well with people

Ability to Attract, Motivate & Retain Employees : 

Ability to Attract, Motivate & Retain Employees Reputation of your company treating well the employees enhances the number of quality of applications Employee morale increases productivity and quality of products/services.

Financial Control : 

Financial Control Key to Business Poor cash-flow brings down a thriving business Build financial cushion in the plan Make sure you have information w.r.t financial picture of your firm. What does it to take to open the doors each month What is your real profit centre? How much expansion is needed to sustain growth What are the hidden costs What are the consequences of your credit policy. Build a mechanism to monitor all aspects .

Anticipating Change and Adaptability : 

Anticipating Change and Adaptability Technological Changes Sociological Changes Competitive Changes

Companies Values & Integrity : 

Companies Values & Integrity Emphasize on values you wish to characterize both externally ( for Business) and internally( build quality/service) Articulate company values to stake holders Maintain integrity with all stakeholders-inspires customers and loyalty of employees.

The FOUR ‘C’s : 

The FOUR ‘C’s Control – How much control need to be exercised on a day to day basis Challenge – Enjoy the task of figuring out solutions to problems and devising new undertakings Creativity – Make certain you remain involved in the creative process as the company develops – to earn and also contribute to the society. Cash – For substantial current income you need investors in start up – sharing ownership – giving up more control If current income is to be less – grow slowly

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