- August 29, 2016
- Posted by: Chowdhury Shahid Uz Zaman
- Category: Business strategies
Starting a business are many risks that you may experience, but there are also the tools to avoid them: we see how to write a good business plan and lessen the chances of error
The making of a good corporate business plan, which avoids risks? Let’s find out right away with analyzing step by step the following points: real threats that can be eliminated simply priori creating such a document in the most appropriate way! Ready? Let’s get started!
# 1- Do not know the competition
So that the activities can actually managed fit and thrive in the membership market, you should know exactly what the competitors to face are. What do they offer? How they propose to customers? How they are structured internally and externally? Essential questions to be included in the business plan with the answers as precise as possible, which help the entrepreneur and his team to face the best competition.
# 2- Have little information about possible customers
One of the main mistakes made by those who open a commercial reality is that they have little information about potential customers of the business. Are men, or women? What is their average age? How many products can buy a year? If, for example, it is assumed that every consumer purchases on average one article every twelve months, it is easy to see that people are lots of loyalty. Having a clear idea from the start and bringing these statistics in a company document to date, the chances of getting good results grow exponentially.
# 3- Being without money
The lack of funds always has a negative impact on the fate of any business because every business needs a certain amount of money that is to be launched to develop and expand within its market. Given that, without money you cannot embrace a focus on growth policy, those who want to achieve good results in the business plan must record all data on the company’s economic situation and, depending on availability, must then plan a strategy to put in place in the short and long term.
# 4- Start the task alone
I am assuming that, often, the success of a business comes from the collaboration of more resources, anyone who wants to start their own business without any support is likely to fail miserably, because the advice, opinions, and the experience of others help you find more easily the direction to be taken. Again, we recommend using a corporate document to insert inside your information about employees and employees from engaging immediately or in the future and to establish the recruitment and growth objectives.
You may also like to read another article on Heygom: 5 Tips to build a profitable business
# 5- Not have charisma
The company managed by its holder without charisma is surely destined to be crushed by the competition: to establish itself in the market, in fact, we must first have the courage to take risks and break out in the name of development schemes. Given that, too rigid and static direction does not bring any enthusiasm in the team, you need to insert in the company’s business plan maneuvers and resources to spur the activities of continuing to make them reach every day new levels of growth.
# 6- Not monitor the cash flows
How can we hope to develop the business if it is not perfectly informed on ‘development of its cash flows ? The first thing to do is enter in the enterprise document the details of accounting procedures and investment for the administrative and business management in the short, medium and long term: the choice of the ideal billing software (taking into account for example the choice between an online billing software or management billing software installed more advanced), the choice of accountant and any consultants, and even consider the use of specific software for the first note and management of financial flows. Everything must be designed to continuously monitor income and expenditure, so that you can plan in detail the growth of actually handled.
These 6 avoidable risks thanks to the business plan: more or less dangerous threats to eliminate pre-enterprise, drawing up a comprehensive business document and updated.