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Sanchia Aronberg

Business Planning

By Sanchia Aronberg
Tuesday, May 22, 2018

Business Planning

Business Planning

We plan for fires through a fire drill…..

We plan for moving house……

We plan for buying a new car….

We plan for having a baby through going on courses, buying lots and lots of necessary new born bits and bobs and perhaps doing a hypnobirthing session…….

I have seen many business owners start up and have very little planning in place. Considering we spend a lot of time, effort and money on running a business through many different activities, some planning will help your day to day running and then your business growth.

What to plan for?

  • Business plan:  a business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts.
  • Determine the structure of your business
  • Training/coaching for start-up advice
  • Branding and website
  • Insurances and other legalities
  • Marketing activities
  • Networking
  • Accounts/finance
  • Social media
  • Outsourcing options

What else would you add to this list?

Planning provides you with focus, helps you decide short term and long term goals and it helps you make decisions faster. One important area to consider with strategy and planning is keeping flexible in case plans don’t go exactly as you expected. Look out for my keeping motivated blog!

Some questions to ask yourself before you start-up:

  • What is the business idea or opportunity?
  • What is the product and how is it different or unique?
  • What is the target market segment and who are the potential competitors?
  • How large is the target market and is it growing?
  • Who are the customers; how much will they buy and at what price?
  • What will it cost to produce and sell the product?
  • Can the product be made and/or sold profitably?
  • At what stage will the business break-even and what are the likely profits?
  • What investment is required to launch and establish the business?
  • Where will the money come from and what type of finance is required?
  • What are the main risks facing the business and how to handle them?

Until next time…..

Sanchia

My Business Planning & Strategy Session is a practical and pro-active approach to business planning.

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