January 18th, 2010
Are you getting ready to launch a new business or expand on your existing business? We recently ran across this article “5 Tips for Effective Business Planning” at www.score.org and thought you might find it helpful. Be sure to read all the way to the end for some helpful notes we’ve added. Enjoy!
5 Tips for Effective Business Planning
Brought to you by SCORE “Counselors to America’s Small Business.” www.score.org
1. Clearly define your business idea and be able to succinctly articulate it. Know your mission.
2. Examine your motives. Make sure that you have a passion for owning a business and for this particular business.
3. Be willing to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.
4. Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality, service, and be aware of the outside influences that affect your business.
5. Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Be alert, ask questions, and visit your local SCORE office.
End of article.
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