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By Lika Ramlal at April 23 2019 14:43:16

Sometimes no matter how much you research, plan, or test, things don't go as expected in a business. This isn't necessarily a herald of failure or a sign that you're not cut out for entrepreneurship. Life and the marketplace are both unpredictable, and plans need to be fluid and responsive. The "One Pressing Issue Plan" is simply a reflection of a normal evaluation process.

The Importance of a Business Plan _ The success of a business starts with a business plan. The plan defines your business as to what it is and how you plan to achieve the goals of the business. It presents a clear picture of your business in terms of goals and objectives.

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A plan like this would show you how much sales your business would need to do, what your fixed and variable expenses would be, what your material cost, labor cost and profit would need to be to provide the income and profit margin you want. You can see pretty quickly if it's possible for you to get your business to that level. I don't know of any better way than to have your business give you the income and profit you want. What's neat is you can determine what you want your income to be and your profit to be over the next few years and develop a plan that can show you exactly what your business would need to do to give you that income and profit.

Production Operation _ If a product must be manufactured, what is the process? Will the work be done on_site or subcontracted? Who are the subcontractor(s)? If on_site, what space, equipment, machinery, production employees are needed? What suppliers are needed? Who are they? How will quality be assured? What is the anticipated production output? What established credit lines do you have? Possible Data Sources: local Chamber of Commerce; yellow pages; trade associations.

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