Top Business Planning Tips
Article by: Sara Pantaleo
Here are our top 3 business planning tips:
Know your Audience and Competition
Being prepared to name them and tell the difference between each one of your competitors is a must. But don’t disparage other companies in this process – it’s not worth getting upset over which competitor has more employees or larger offices!
For your various audiences, you will probably want to create different business plans tailored towards different audiences to ensure the overall strategy is communicated correctly to each audience.
Be Realistic with Resources.
Optimism is a common trait among the ambitious, but it can lead to problems if not tempered with realism. When you have fewer resources at hand than you would like, for example – think about how much longer everything will take! Always prepare for slower progress by being prepared in advance rather than hoping things go quickly enough as they happen. It is always best to be realistic.
Always Measure Progress
Lastly, what good is a plan and taking consideration of action to achieve your goals if you’re not measuring what you’re doing and reviewing your strategy as you go? Always ask yourself what went well and what didn’t so you can make the appropriate adjustments when updating your plan.