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Describe the importance of developing and organizing a successful business plan

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Want to know more about strategic planning implementation now that you have created your strategic planning framework? Strategic planning implementation is at the heart of how to make a change of any kind happen in your organization. Start by answering why your organization might want to embark on a strategic planning process and implementation. Want to be one of the organizations, in which employees understand the mission and goals? It seems like a good reason to start strategic planning implementation to me. How about you?
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5 Key Factors to Successful Strategic Planning

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The concept of business plan and the purpose of preparing a business plan

While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results. For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets. Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors. But a business plan can bring clarity to the process of whether to buy or lease and help determine the optimal amount allocated to those assets. Marketing and market potential are important aspects of a plan for aspiring small businesses.
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The Eight Key Elements of a Successful Business Plan and How to Make Them Work for You

What is the importance of writing a business plan? A business plan is an outline of your business goals and objectives and how you intend to achieve them. Most people do not realize the importance of a business plan to the growth and development of a business. They feel it is a waste of time and not necessary to do as they consider there are more important things to do concerning the business rather than taking out time to draft a good business plan. They consider registering the company, acquiring assets, recruiting staff, advertising and promotion, funding of the business as more vital to the success of the business.
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It discusses the competitive situation and what effort and funding are needed to bring the product or service to market. Business plans are essential tools for startups and for periodic reviews by established companies. This two- or three-page section should contain the most important information about the company. To ensure that it includes the necessary information, the executive summary should be written last. For example, a medical billing company might include its executive summary in the material it gives to the medical practices that are its potential customers.
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