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However, what's written should be specific enough to cover all areas of concern.Cohen advised starting your plan, with a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats.
"Too many companies treat it as a confidential document to be kept away from the 'prying eyes' of the rank-and-file employees.
I believe the business plan should be shared, discussed and amended where appropriate, through an open loop of feedback and insights." The more people who are involved, the more ideas you can circulate around the company, Cohen said.
Preparing a business plan is like outlining an itinerary for a road trip.
You'll want to have a clear, objective map that you can follow step by step while developing your business.
John Mullins, associate professor at London Business School and author of “The New Business Road Test: What Entrepreneurs and Investors Should Do Before Launching a Lean Start-up, 5th ed." (FT Publishing, 2017). talk with prospective customers, suppliers and others in your industry." Even after you embark on your business endeavour, you want to ensure you're attracting and retaining customers before asking for capital, Mullins added.
"Raising money too soon is a distraction, and has big downsides …
If you want your company to succeed, then all employees should understand the business plan's dynamics. "The business plan keeps an organization focused, [and] it needs to be shared," said Brian S.
Cohen, an operating partner at Altamont Capital Partners and member of board of directors of Access Insurance Company.
not the least of which is eventually losing control," he said.
As with any business project, research is critical to a solid business plan.