Do a Business Plan
Your business foundation must be very strong. And one of such foundational areas is in your business plan backed by thorough market research. We do market research so as to identify a viable, preferably underserved market, and to determine market demand (what it wants most and it’s willing to pay for). Then, we align our mission, vision, and purpose to meeting those needs.
A well worked out business plan is a requisite for a thriving enterprise. If your business ideas are not convincing on paper, you could be driving at a terrible speed with your eyes closed.
If you can’t commit to writing them down, you perhaps won’t commit yourself to follow it through – if you won’t connect to paper, you won’t connect to reality. ‘The discipline of writing something down is the first step toward making it happen,’ so said Lee Iacocca.
Wouldn’t you prefer to make your business blunders on paper, and save time, gain speed and direction? According to H. Stanley Judd, ‘A good plan is like a roadmap. It shows the final destination and usually the best way to get there.’
For instance, you could assess your market opportunities on paper by doing what I called ‘business intelligent gathering’. It’s no longer the question of ideas but the marketability of those ideas.
When you do poorly on paper, the tendency of reproducing the same practically is there. If the need be, engage the services of experts as you start your business. Don’t rely on assumptions, rather consult. It may cost you some money but you would gain it in the long run.
Barry J. Gibbons once observed, ‘There are two groups of people confused by business today: those who are in it and those who aren’t.’ To avoid confusion of any sort, prepare for your business. Preparation is winning.
Just like what it means, the business plan helps you to plan ahead. Planning ahead can mean the difference between business success and failure.