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Formidable Building Business Plan

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Building Business Plan

Location: Writing down the location of your business is very important. Locations with greater customer traffic usually cost more to buy or rent, but they require less spending for advertising to attract customers. This is especially true of retail businesses where traffic count and accessibility are critical. If an online business, you need to go into detail how you will attract customers to your website. General statements like "I will use Face Book ads and email marketing" will contribute almost nothing to helping your cause unless you have detailed statistical analysis of tests you have conducted or of another similar business you have been associated with. If you do not have any data upon which you reference your estimates, it could show lack of proper thought to the remainder of your business plan.

If a document needs to be developed that requires input from other disciplines_Finance, HR, Property & Facilities, Marketing, Procurement/Supply Chain_ then most likely you are looking at a team building effort to get the job done. In any event, don't look at the task as only as a roadmap that leads to a profitable product or enterprise. Business plans are a great way to build team buy_in, force a thorough review of options, define objectives, establish benchmarks to judge performance, and help arrive at a plan_of_action. Ultimately, it can lead to a Project Management approach to implementing a plan and that can be as involved and detailed as is necessary.

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