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019 Business Plan

019 Business Plan Rare 8a Example Sample Sba Template

Succession Planning _ Unless you plan to run your business for your entire life, you will need a plan of succession. If you are the only person who can run and operate your company, it is doomed to fail when you can no longer run it. Create a plan that will spell out what steps will be taken to either sell your company or hand it over to another manager. Develop a system that allows your business to be run without you. An operations manual that details the key components of running your company is the first step in succession planning. Consult an attorney about the legal aspects of either selling or transferring ownership of your company.

What's more important, sales or profit? Profit is what generates your salary. You could actually make more profit with less sales. Less sales could actually be less work. The most important thing for a business is to make money. That's profit. Now some might say, I don't care so much about making a lot of money. I like the freedom of owning a business. Well that is probably true, but if you don't watch your profit, you might lose that freedom. It's always amazed me how most businesses, even very large ones, talk about how much their sales are. You hear comments like, that's a บꯠꯠ company. But what's a บꯠꯠ company if it has no profit. Now I do admit that 2% net profit of บꯠꯠ is a lot bigger than 2% of ũꯠꯠ but most likely the large one carries a lot more headaches too.

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