subject: Marcus Asay Teach 5 Mystic Stages To Go Through For Successful Business Planning And Development [print this page] It is believe that developing a business successfully includes 5 stages of business planning & development.
Stage 1: Analysis of situation Where are you now?
In this very first stage of business planning & development, you find out where the business is presently in terms of finance & general positioning. And so, you will require analysing not only the economic position, but also who the business is marketing their products or services to. Are they addressing a market which has several disposable incomes or no? It provides you an idea of the overall positioning of your business.
Stage 2: Business Aims Where do you want to move?
Furthermore, you have to think through where your business wants to move. These are the aims, or the goals of the business. It is a tough task, since most businessmen will say they do not know, when asked, where they see their business in four years time. When you work out whether or not the business owner supposes to double their business or setup one which is five times as big as they are presently, then you can start finding the following steps the business will have to take.
Stage 3: Strategic Evaluation How will we get there?
In the third stage of business planning & development, youll want to think through several different strategies you can take on to achieve the objectives of your business. The strategies you can adopt fall within one of the following classifications:
Market development make use of existing products & move into new markets.
Product development you can produce more products for your current market
Divergence produce innovative products for new markets & drive the business onto a complete new position.
Acquisition buying additional businesses to grow your business (mergers)
Market penetration throw money to earn the customers trust from your rivals.
Stage 4: Cost Analysis How much will it cost?
Regardless of which strategy you choose, the costs will be predictable. There are a number of government agencies that can help analyse those costs, and financial forecast programs that allow you to consider the expected revenue compared with the expected expenses to see whether or not the business can afford to take on that particular business development.
Stage 5: Analysis of Fund Where will the capital come from?
There are actually just 4 places where anyones business can obtain funding to develop & they comprise:
Bank financing
Business shareholders
Private/public equity
Government grants
All these steps are vital to certify good business planning & development.
