By Djay Rijneveld at April 12 2019 22:12:34
Understand gaps and weaknesses within the plan. Any casual viewer of the BBC programme, Dragons Den will be aware of how easy it is for weaknesses or gaps to be identified. Depending upon the purpose of the plan, this may, or may not, prove to be critical. It is often easier to recognise such weaknesses and gaps, and be prepared to deal with them, either by noting them in the plan itself, or having appropriate answers available should the need arise.
Certainly when you reach the point where you are looking for investors or lenders, you will move beyond those first casual notes. Until then, drawing upon your expertise can allow you to quickly jump into the market and perhaps gain a competitive edge by using a minimalist plan. The "One Pressing Issue" Plan: Business planning does not stop the day you open for business. Under the best of circumstances you should be revisiting your plan once or twice a year to see how things are going, and where perhaps you've veered away from your original goals. Remember, changing the direction of a business isn't always bad, but it should be intentional.
Obtain Feedback On Your Plan _ When writing a business plan you sometimes end up locking yourself away. You might have unique ideas which lead you to seek some isolation and secrecy, or if you are going to be a sole trader you may only have one person to consult namely yourself. But it is fantastic to try and get broader input on your business plan _ whether from a professional, or simply from friends and family whom you trust. I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
Next you will need to carefully examine what actually goes into your offering. How many hours does it take to create those one_of_a_kind bracelets? How much does it cost to bake a dozen of your special recipe cookies? How much research goes into "whipping up" a website? Making tangible goods requires space. Do you have room to grow enough squash to actually generate profits? Are these numbers you could sustain beyond the occasional personal or family use of your product or service?