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These guides help incorporate promotional activities into your DNA and hone your communication skills with your customers.Writing a business plan isn’t the most glamorous part of starting a new business, but it’s extremely important.
Any potential investors may simply scan your summary rather than read every page.
Before you put pen to paper, you should research your proposed marketplace thoroughly to understand the competitive landscape to analyse pricing strategies, customer demographics, and promotional activities.
By investing time in preparing the information required ensures finalising your plan is faster and more accurate.
Banks and investors review hundreds of plans each year and are expecting a professional document that follows a prescribed format. You should clearly demonstrate a clear understanding of your customer demographics and the market potential.
Any new business entering a market for the first time has to display clear benefits of how they satisfy their customer needs.