TRACKING BUSINESS PLAN DISTRIBUTION AND SUCCESS:

TRACKING BUSINESS PLAN DISTRIBUTION AND SUCCESS:

Crafting a strong and professional business plan is the first step every entrepreneur has to accomplish for a thriving and profitable business enterprise. However, the most important thing than the document itself, is its distribution.

It is essential to track, whether the appropriate person has received the business plan or not. The aim of your business plan is to attain funds from potential investors and lenders; it acts as a sales tool. If it is not received by the targeted person, it will be useless. In order to avoid the pitfalls it is necessary to adopt measures that will give success. For achieving success, you have to take care for the following steps:

Monitor prospects: Come up with the reliable spreadsheet that contains the history of the contact list and addresses of the targeted investors. But, the question is how will you identify prospects? Will you just mail the copy of business plan to them or conduct a face to face meeting? All you have to do is to create a tracking device that contains the answer of all these questions.

Resubmit (when appropriate): If some financing firms rejected your business plan, after making some changes, it is better to resubmit your business plan to them. There are many reasons of the rejection of plan. Don't hide that you have submitted the plan for the second time, it is better to tell them and also articulate your reasons for resubmitting it.

Provide updates: A business plan is an important document not only for investors and lenders, but also for prospective partners. If you have send business plan to prospective partners and you didn't get any response from them for six months of more, don't loss hope. It doesn't mean that they are not interested in your business. If you exceed some short-term goals, you can attract back to them by providing updates of your business. You might also consider of providing information quarterly or yearly if your company is consistently hitting your forecasted goals and objectives.

Be prepared: In order to take your business on to the heights of success, it is essential to be prepared every time to share your vision with prospects you meet through unforeseen encounters. This means to update your business plan all the time in order to use it on a moment's notice. If you come up with the new prospects, entre it into your database as quickly as you can in order to get back to it later on.

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