Every entrepreneurial venture begins with an idea, a product, or service; a comprehensive game-plan will allow you to transform that idea into a reality.
· First, there should be two business plans. One can be a comprehensive business document, and the other can be an executive briefing, which would be a short overview. This will give you the flexibility of designing a plan that can be either a detailed description or a summary, depending on the use or the need.
· Your business plan should describe your business and its goals, a clear understanding of the potential market, a marketing strategy, and financial objectives.
· Your plan should allow you to evaluate your proposed opportunities, potential risk, and determine feasibility.
· Your plan should contain an action plan with initiatives as to how to capture market share and a time-table to complete various projects.
· Some questions to ask: What business are you in? Needs for this product or service? Profile of who would buy it, and for what reasons? What problems are you solving for your potential clients? Are you on the front of the wave vs. the back? The potential short and long-term possibilities of your proposed industry? What differentials separate you from the competition?
As I mentioned in my last blog, this should be a working document, a game-plan that will allow you to have a clear understanding of your objectives and goals, and a road map as to how you are going to get there.
Mike Levi is C.E.O. of Levi Inc. a 19 year old business advisory firm that is in the business of building and implementing sales and growth strategies for emerging businesses.
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