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As a company director or person wanting your own business, building a solid foundation is your priority. Without a firm foundation the walls of your business may become compromised (with debt etc) and collapse (bankruptcy).
So first on your must do list you should put together a well thought out plan. A business plan is not something you simply throw together to use for (let’s say) a business loan and then chuck it away. No! It’s a tool that you should use to develop and give direction and drive to your business.
A business plan should contain things like your general goals, detailed financial projections, your company/business strategies to name just a few. You should aim to make it concise, yet detailed. Potentially most importantly, it must stay fluid. You can use this template to build upon and there is a load more helpful information that you should make full use of.
As time passes by, even a well thought out business plan will need tweaking. While it’s best to get it as good as possible, it will never end up like it started out when applying this sensible business practice. It’s simply not realistic to predict how your business will progress or where it will end up, so you should add to it, tweak it, clean it, ensuring you build your business effectively by injecting inspiration and direction.
Much like your home during various stages of life, a business plan changes for various reasons. It should come as no surprise that if you don’t prepare things, you’re way less likely to create the outcome you desire.
Without updating your approach, first by taking the time to think about, secondly writing down and finally doing it, you can essentially bring nothing fresh to your business and get stuck going around in the same circle day after day, much like a running in a hamster wheel.
An example of this would be a Cafe selling the same stuff and never rotating its menu. Very few people like stagnant menus, any more than they like stale or cold food (when hots expected), just as your clients wont appreciate you bringing nothing new to the table whether that be goods, services or whatever.
Keep an eye out for “Sensible Business Practice – Part 3″…….