2 March 2022
Welcome to March! I told you that we are set out for a very interesting and exciting year. There is much to cover and that makes me gleam with joy. I hope you have been enjoying these emails or that you are able to use them to cover some of the basic and complex parts of getting things covered for you and your business.
Wednesdays are often the days that I consider a little more sacred than others as it is the one day that I want to move away from entering you into your physical and dream world, and move into the space where I am able to help you gain the experience you need to create that world. Through providing some key elements that you will need for your business, I just know that you will be creating a stellar business. A business that is set on a solid foundation and ready for great success.
If you recall last weeks newsletter, I mentioned that I will be diving into the business plan a little further. Well, today I am going to give you some more tips on the business plan and hopefully it can round off what you have started.
MARKETING AND STRATEGIES
Marketing and its strategies are quite crucial within your business. There is a specific time for everything and without the right amount of effort and lead-generation, your marketing can fail.
Let’s make this simple, in order for you to understand marketing and its strategies, you will be required to do additional research. If written well, it will demonstrate your knowledge of the market and how you plan to achieve success within it. It will include the demographics of your target market as well as specifics about your industry. Here, you will evaluate your competitors’ strengths and weaknesses as well as devise a marketing strategy of your own.
DESIGN AND DEVELOPMENT PLAN
I know, I know! This is the one that gets you excited the most. You often spend copious hours playing around and figuring out how your business will look like.
The design and development section should outline exactly how you plan to operate your business throughout the entire cycle. It should include information on acquiring supplies and products, manufacturing, sales, delivery, and so forth.
Now this is both the meat and often the most stressful part of the business plan. It should be one of your last steps after you’ve reviewed the market analysis and outlined your business’ overall goals. The numbers here should back up everything else that you’ve included in previous sections. It should include projections of profit and loss, cash flow, and balance sheet.
So there you go Luv, this is how you are going to draw up your business plan. These are some of the helpful tips that you can apply. It does not have to be a difficult task if you can simply break it down step by step and allow yourself the time, patience and capacity to learn about the things you do not know YET.
PS. I would love to gain some feedback from you regarding your business plan. Whether you are using the tips provided or whether you have already done it. I would love to know what your experiences are.
Be on the lookout for next Wednesdays Business newsletter.
Talk to you soon,