Business Planning New Years Resolutions

I have always looked at the New Year as a time to reflect personally and professionally at the past year and the new year. After doing so, I find the resolve to refocus on certain business efforts from the past year and establish new directives to address business environment changes, to modify and develop new goals and objectives. With the economy in its current state and a new administration soon to arrive in Washington, this business reflection is perhaps more important for all of us than ever before in our lives. New directives require new ideas and feedback as such from experts and creative thinkers alike. Feel free to contact me at tim@thebusinessplanconsultants.com to be part of the process of helping your business in the New Year.

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Happy Holidays and a prosperous and healthy New Year to all!

Business Plan Priorities – Cart Before Which Horse?

Even respected peers in business plan development sometimes disagree as to what part of a plan should be prioritized at what time. While it does depend on the type of business, almost always we suggest completing the market and competitive analysis first and foremost. Understanding your competitors within the framework of their marketing pursuits and your contemplated marketing efforts to capture an estimated market share within your service area (regional or national) is the best initial approach. Once you have comparative analysis on how to achieve, then a detailed marketing plan can be the next component on the roadmap to success. Then the forecasts can have critical, well supported revenue assumptions as well as appropriate corresponding expenses. Now you know you have a viable plan, the right way to write so much of a true, high quality plan.

Hence, when we take on larger engagements, we typically do the market analysis first to assess the business opportunity and often the forecasts before completing a business plan. This approach is wise since the market analysis “cart” belongs before a forecast, let alone a business plan “horse” that is capable of winning the Kentucky Derby.

For a free consultation, please ask tim@thebusinessplanconsultants.com.