Why do 65% of all small business start ups fail to survive after one year? Why do 70% of small businesses never survive the 2nd generation? Are you unable to retain great staff? Why it need not cost a bomb for branding your business?Before embarking upon any business, a good entrepreneur will need to "blue-print" win-win-win business & marketing strategies to ensure business continuity and growth.This is the most crucial component of your business .Even before you start.It provides the fundamental framework & blue print of your business in 5 sections, mapping out your business goals, marketing strategies, operations framework, organization structure, and financial viability.There are many complex Business Planning Software sold in the market, which you may or may not need depending on the scale of your business.A simple checklist as below is a good start for you to build upon.One major benefit for crafting your own business plan from scratch helps to tune your thought process in exploring the essence of your business.SmartBiz Plan For Small Businesses & Start-ups.1) Goals with a Timeline - Measurable, reasonable and achievable over a set time period.2) Your Marketing Plan with a Timeline.Viability studies - Porter's 5 factors, P.E.S.T.Analysis, S.W.O.T.Analysis, Target Segment analysis, Product Life Cycle analysis, Value Proposition of products, Competitive Advantage Model, Product Growth Directions, BCG Matrix .Marketing Planning - Marketing Mix (4Ps) strategy, Internet Marketing, Integrated Marketing Communications, Marketing Implementation plan, Marketing Budget plan .Monitor & Review plan.3) Your Operations Plan with a Timeline.Business Structure, Scope, Regulatory Issues, Plant & Equipment, Production Arrangement, Distribution & Warehousing Arrangements, Credit Terms, Quality Control, Location, Business opening hrs, Commencement Date .Stand Operation Procedures (S.O.P.) for each business function .Monitor & Review Plan.4) The Organisation Plan with a Timeline.Organisation Structure, Skills required, Talent management strategy, Business Succession plan .Monitor & Review Plan.5) The Financial Viability Plan with a Timeline.Financial Statement Forecast, Breakeven Analysis, Capital Spending plan, Required investments and spending, Ways to raise $, Additional $ source .Financial Contingency Plan .Monitor & Review Plan.It is important to note that a well crafted SmartBiz Plan is the first step to solicit funds from Bankers or Venture Capitalists should the need arise.Your new or existing business must be planned adopting the broad basis in consideration of sustainability, scalability and contingency.Sustainability implies consideration of realistic sustainable longevity of the business.You should also plan well ahead for your business growth, ensuring that the business is expandable via scalability, like the famous "LEGO" blocks.Contingency is the most ignored part of most businesses, be it in unforeseen man-made emergencies like terrorism, or natural disasters and calamities like hurricanes, earthquakes and floods, or simply, unexpected financial crisis.Hence, the rule of thumb to drafting a good business plan is to adopt a conservative approach both in planning financial and manpower resources.However, also learn to strike a balance and permeate that innovative and curious mindset when drafting your business plan.
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