Business Planning That Wins Customers

Business planning created through time as a series of ideas is gradually developed

. Effective plans are not written in one sitting. In order to attract customers, your plan must be, of course, patterned on the customer or consumer behavior. Each part of the plan must lead to the next. Each influences the other; all the parts are dependent. Take some notepads and be able to know some basic steps in business planning that would definitely win the heart of your customers.

Define the business idea. Write a description of a business idea. Get it into paper as concisely as possible. This is by far the most important and the most difficult part of the business plan. The more precise and specific the description, the easier the rest of the planning process will be. Suppose you would like to run a printing company and want to concentrate on the general idea of the plan on printing memo pads or notepads. Careful market research and other preliminary studies must be conducted before the official launching.

Establish your goal and objectives. There may be a wide range of goals and objective that may be desired by the various units and elements of a company. Management by Objectives, commonly referred to as MBO, can be a process for explicitly teaching the objectives of the organization. Applying management by objectives involves participation in a sharing of important management functions by workers at all levels within the organization. Generally, the approach will involve the identification of goals for individuals, for groups and for the entire organization. Conversely, the goal that is set for individuals are subsets of the entire objectives for the groups, which are themselves goal subsets of the entire organization goals. Subordinate and superiors jointly determine and agree upon the results they seek to achieve along with the standards that will be used to measure the results.

Evaluate the ideas, goals, and objectives. This is to determine whether or not it can work, and whether or not it can fulfill the series of goals and objectives identified in the preceding steps. Once the business idea and the goals and objectives have been defined in writing, they can be compared to determine where complements and gaps may exist.

Forecast cash needs. It indicates the cash investment associated with different sets of alternatives. These funding or investment requirements include the specification of need for capital, equipment, other capital needs, and the amount of working capital necessary.

Identify sources of funds. Funds are potentially available to business from a wide variety of sources. These can possibly be taken from personal equity or borrowing from any banking institution, ones own funds, and what additional funds can be obtained from various outside sources. If you are a novice in the business world and dont know the alternatives on acquiring capital, you can review some newspapers, universities, chambers of commerce, trade association, other similar businesses and the likes. They will give you ideas or referrals with regard to your capital needs.

Write a business plan. A completed business plan is a summary and evaluation of the business idea. It is written as a result of the planning process. It shows the probability of success, the principles ability to make it work, the sources and uses of funds, and projected income flows and cash needs. It is the final output, not a rough draft. Whatever written in the plan must be put in action and no other side comments should be allowed.

by: Colleen Davis

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