Business Planning and Strategy

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Now I know this should be a given, but I still find it amazing to find so many businesses who don’t find the time to investĀ in proper business planning and strategy. Time spent here getting it right, will give a clear track to run on going forward and make life so much easier.
Any business, whether it is just starting out or is considering the next stage in its development, will need a business plan.
A business plan serves several important purposes.
Perhaps the most obvious is to help raise funding. A business plan is the document that banks or investors will use to judge whether an idea or a business is viable and whether to lend money to or invest in the enterprise.
However, a well thought out business plan has advantages besides persuading others to give their support. It can, for example, identify and anticipate possible business problems; it can introduce a realistic perspective to a project; it can provide an enterprise with a coherent financial structure; it can add definition to a strategy; and it can be used to gauge the progress that a business is making.
Although it should be as strong on detail as space will allow, a good business plan should also be flexible. That is, it should be open to amendments and shifts in emphasis as circumstances change, and the plan reshaped to accommodate them.
A business plan, therefore, is less a blueprint than a map by which a business charts its successes or setbacks.

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