Laura

changed faster than you anticipated


Long Should Your Business Plan Last?
 You can make use of the business plan for any reason regardless of how big or small. The typical business plan is 15 to 20 pages, but there's a lot of room to vary from the standard.

 A lot depends on the nature of your business. A simple idea may enable you to convey your message quickly. In order to convey your message, you might need to explain a complex idea or new type of business.
 The purpose of your plan also determines its length. If you're trying to raise millions for high-risk projects, your plan might require a lot more explaining and convincing. A simplified version of the plan is acceptable if your plan will be employed internally to oversee the ongoing operations of a business.
 Who is in need of a business plan?  If you're not planning on starting an enterprise, the only person that doesn't need a plan for business is that of an existing business owner. For a hobby or to work at home, you don't require a business plan. A plan is necessary for anyone starting or expanding a venture that will use significant resources of time, money or energy, and will yield a profit.
 Startups. Entrepreneurs who want to raise funds to start an idea are typical business plan writers. Many great companies began their journey by drafting a plan. It was utilized to persuade investors and gain the money needed to start the business.
 The owners of businesses are the ones most likely to benefit from the books on planning. The reason they do so is because they are most open to the guidance. But it is a mistake to believe that only cash-starved startup owners require business plans. Business owners can use business plans at any point of their company's life, regardless of whether they're searching for financing or trying out ways to invest the surplus.
 Established businesses are seeking help. Some business plans are not written by bright-eyed entrepreneurs. A lot of business plans are written long before the company is even established. WalkerGroup/Designs, for instance, was already a well-established designer of stores for major retailers when founder Ken Walker got the idea of trademarking and licensing to apparel makers and others the symbols 01-01-00 as an alternative to numerical shorthand for the upcoming millennium. Walker developed an enterprise plan that contained sales forecasts and projections to convince large retailers it would be a good idea to carry 01-01-0100 products. It was an important step in making the new venture successful long prior to the day of its debut. "As a result of our initial support from the retail department," Walker says, "we had over 45 licensees operating across a variety of product lines nearly from the very beginning."
 The middle-stage companies may draft plans to help them secure funding. A written plan may be essential to run a expanding company. A plan can also be used as a tool to communicate the mission of the business and its future plans to customers, suppliers and other people who are involved.
 A Checklist to Update
 Here seven reasons to think about updating your business plan. It's time to update your business plan, if you have any of these.
 The new financial year is almost upon us. You can update your plan quarterly, annually, or even every month if you're in a rapidly-changing industry.  You need financing or other financing. An account that's up-to-date and precise for financiers and lenders will help them make financial decision.  Market trends have changed significantly. Shifting client tastes, consolidation trends among customers and altered regulatory environments can prompt the need to update your plan.  Your company develops or is in the process of developing, a new product. If your business has changed significantly since you created your business strategy the first time, it's time for an update.  A management change has taken place. Your business and goals should be updated by the new manager.  Your company has reached a milestone, such as moving to another location, hitting the $1 million mark in sales, or hiring 100 employees.  The old plan no longer seems to reflect the reality. You might have done poorly the previous time. Or maybe things have changed faster than you anticipated. But if your plan seems irrelevant, redo it.
 The Best Plan for You  Business plans typically have a lot of common elements, like cash flow projections as well as marketing plans. And many of them share specific goals like raising funds or convincing partners to join the company. Every business has different business plans.

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 It's all about the nature of your business and how you intend to use the plan, so you may require a different business plan than another entrepreneur. There are many ways that plans can differ in regards to length, design and detail.
 Selection of a plan is essential because it will have an impact on the overall efficiency of your plan. Your plan must present your company and you in a positive and accurate way. This is the case regardless of the purpose that your plan will be used to serve. It isn't important if the plan is for presentation at an event for venture capital, or if you're not planning to leave your office.

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 If you are shopping for clothes for an an important occasion you probably select items that showcase your best features. Consider your strategy in similarly. Your company should be able to highlight any positive points and make sure that they are considered.