One Neglected Important Aspect of Your Business Plan To Be Corrected – Writing out the components of a business plan using a structured business plan template reveals the importance of business plan. That is how to write a business plan. Now consider what are the results of not drawing up a business plan or the disadvantages of not having a business plan. Neglecting any aspected of your line of business may be very costly.
This is what this post is all about. In this post are the costs, risk, losses that results from not including one or more aspect of your businesses in your business plan. In this post also are what you should do to ensure a comprehensive and all inclusive business plan for your business. If really you don’t want to make this mistake, and if you want to make such corrections in your business plan, this post is for you.
One Neglected Important Aspect of Your Business Plan To Be Corrected – BUSINESS NICHE
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As a matter of fact, one neglected aspect of your business plan is the inclusion of your various business Niche. How many lines of business do you have? Did you cover all aspect/line of your business? I notice that that this is the neglected aspect of various business plans. How many business ideas do you incorporate into your business plan? How do you cover all of these lines of business in your marketing strategies? Again, how are these lines of business accounted for in your business plan feasibility analysis? How does these lines of business accounted for through your business SWOT Analysis?
Furthermore, how many lines of business do you have? You may also call it business Niche, but the point is that your business plan must cover all aspect of your line of business. This is actually an aspect or a subset of the market/product of your business. As a matter of fact, business line/ideas/ niches do not exist by themselves. They are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them. The point here is that your business plan must incorporate all of these.
One Neglected Important Aspect of Your Business Plan To Be Corrected – MARKETING STRATEGIES
Furthermore, how do you cover all of these lines of business in your marketing strategies? If you neglect any aspect of your business line in doing your business plan, your business forecast and appraisals will not be complete. In fact, next time when you write your business plan, try your best to include all aspect of your business. You can do this by first writing our Your Business Concept Note. As the name implies it will highlight conceptually all aspect of your business and put them together as a note.
In addition, how do you cover all of these lines of business in your marketing strategies? As you can see, if you never covered all aspect of your business Niche, you may not put down all that is needful to drive the marketing strategies and turnover of your business. That also means that all your market segments will not be covered.
In addition, how are these lines of business accounted for in your business plan feasibility analysis? Do you know that if you miss including certain aspects of your business, you would not be able to make proper feasibility analysis of the business. For one thing, your Break-even analysis will be wrong, and this may affect your profitability measurement.
How does these lines of business accounted for through your business SWOT Analysis? You see, every line of business has its own internal and external environmental challenges. Therefore, neglecting an aspect of your business while doing your business plan may present a high risk level for your business which may be unknown to you because the line of business was neglected in the entire forecast.
A COMPREHENSIVE BUSINESS PLAN
In conclusion, I wish to let you know that it’s necessary to incorporate all of your line of business/ideas/Niche in your business plan. As you can see, you will be taking a lot of risk in the business. You may also be losing so much money by this one single action. For instance if your breakeven analysis reveals a lower price instead of a higher breakeven price, your profitability analysis may not be correct again.
Finally, I would like you to contact the details given below to get your business plan done for you professionally. Our business plan questionnaire will certainly make you address every aspect of your business and make your business plan a winning functional business plan.
If you need our services: Contact
Phone: +234 8034347851, +234 8097900795
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Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.