Business Plan

It is wise to review your Business Plan in order to protect yourself from failure and mistakes that cause financial loss and loss of motivation, many people simply don’t understand the business or they simply rely on somebody else who told him/she about a very good Business Idea then with the temptation of earning good and to become rich overnight, we always leave flaws in between hurry and launch our businesses and which ultimately going to fail.

To understand and analyse the Business it requires one’s personal experience core Skills & Competency to do the Task by himself /herself since The business is a responsibility and if you are competent for a particular business then take it otherwise leave it.

Steps for Reviewing a Business Plan then Execute it for Success

Step 1 : The Fundamental for a Business is the “Place”, until and unless you get a perfect Place your Business is never going to successful

Step 2: Look at the “Current Time” and what are the requirements of the “People” are in high demand since people are bound to pay from their pocket to get it

Step 3: You must hold or have something(Assets /Product) that is “Tangible or Physical” or can be converted to Tangible which has real value, not the paper or promise

Step 4: Make sure your Product or Tangible Services(Product) have Quality and then you are honest about your Business dealings, otherwise very soon you may need to exit from the market

Step 5: Only Focus on your “Fundamental Product” which is the best in the Market and make it affordable, otherwise if haven’t done your R & D in your product and your product is similar & nothing new then it may never going to accept by the People, and your Business may fail

Step 6: Never do market experiments with the People since they are always serious and in a hurry to fix their own problem, otherwise one time they try, and the second time they will make you fail since you can’t afford the loss of reputation, so well prepared before you launch

Step 7: Never increase the Price for your “Fundamental Product” otherwise people may feel irritated and they may leave you behind and choose another Company

Step 8: Never do Sales & Marketing by yourself, always appoint a Staff who is very gentle, patient, calm in stressful situations, and manages people with good manners, otherwise if you start dealing with your Customers (People), they may have bitter experience since you may be occupied with many things which nobody knows so in case any stressful situation in customer dealing you may give such response which may offend your Customer and they will keep a smile in their face then make an excuse and left you forever, which you may never able to find why your Business is not coming

Step 9: Focus on Sales, not Profit it should be your initial Strategy to make more turnover or bulk sales not to look for a bigger margin but small small marine will round up as huge profits after a couple of years, so don’t be greedy and have patience

Step 10: Focus on Branding i.e. to the “Largest Display of your Brand and Products” in your “Place” that nobody had, make sure that People will easily find you and navigate to you, so you can use Digital Marketing, SEO, SEM, etc.

Step 11: Protect yourself from Rivalry or Enmity in the Place where you will do Business, so always Protect your Brand, Reputation, Products, Organization, and your Staffs, create a barrier in the sense that making the Fundamental Product so strong and always update it in Time to Time that nobody can compete with it

Step 12: Always sync with your Products with the Current Time, keep updating it, keep updating your company policies, and sync your AIM with the Current Time and what is the latest and current requirements otherwise very soon your Product is going to OBSOLETE, and the customer(People) may never interest in it, and leave your product means leave your Company, since you no longer valuable for them and other company will fill the gap, once it’s done it’s almost impossible to come back

Download this Business Plan Checklist