The Single Most Important Thing to Do When Starting a Business

The single most important thing a new business owner needs to do is Plan.

Writing up a Business Plan is a critically important task for any small business owner as it allows them to take better advantage of opportunities and forecast, and possible prevent difficulties that may arise. A good Business Plan will clarify the 'who',' what',' where',' when' and 'how' of your business ideas. It will also be needed to convey the worthiness of your ideas should you require finance for your business with a third party lender or investor.

What are the elements of the planning process? 
• Forecasting events, financing, products and services etc. 
• Setting realistic goals and objectives 
• Formulating policies for payment terms, account customers and suppliers etc. 
• Programming and scheduling tasks that need to be done and when they need to be done by. 
• Budgeting for all areas of finance 
• Developing procedures for tasks like delivery of products, security, money handling etc

These are the 3 critical questions you will need to answer when preparing your business proposal 
1. Where am I now? 
2. Where do I want to be? 
3. How do I get there?

What structure should my Business Plan take? 
The following elements should be outlines within your Business Plan. 
1. Executive Summary 
2. Business Structure and Legal Requirements 
3. Marketing Plan 
4. Operations Plan 
5. Financial Plan 
6. Action Plan

Your Business Plan should be treated as a work in progress and you will need to regularly review it and make adjustments as necessary to ensure your business stays on the right track.

Susie_Berryman

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