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The Ultimate Guide to Writing a Business Plan
on January 22, 2013
If you need a comprehensive guide on how to build a business plan, then this book will answer your need. Not only do you get a clear, step-by-step plan to follow, Mr. Tokan also provides ready-made templates to use.
Every start-up business venture needs a business plan? This requirement is hammered home by business schools and mentors. Yet, it is a well known fact that a great many people launch into business without doing their homework.
My favoured analogy to business planning is navigation. Can you imagine a ship or airplane taking off with only a vague idea in which direction to head? Unless the navigator plots a course to his destination and checks progress along the way, he could end up anywhere and most likely in big trouble. Mr. Tokan clearly sets out how the same thing will happen to anybody who starts a business without first defining the proper course and the check points that will steer the business towards success.
Mr. Tokan argues that a good business plan must address Marketing, Operations, and Finances.
He defines the requirements for each one of these areas in great detail. In fact, you will learn a great deal about business planning itself by reading this book.
The most essential point the author emphasizes is to correctly define a Marketing plan. If this one is incorrect, then every other aspect of you business plan will also be wrong for the simple reason that it is built on the wrong foundation. The author points out the fallacy of creating a business plan that is based on a product or service offering nobody wants
This book clearly illustrates how you can create a business strategy that is cost effective and measurable, generates sales by offering a product or service to the right people and has the potential to penetrate a well defined market segment. Mr. Tokan stresses the need to carefully define a specific niche as "a very small segment of individuals who share a narrow set of wants, needs and wishes." Very specific examples are given.
You will find tips about product pricing and how to make sure you do not create the impression of offering sub-standard products services. You will learn how to price your product or service on the basis of costs and planned profit margin. Mr. Tokan illustrates how to incorporate competitive analysis into your business plan and how to adjust your plan so that you can compete successfully and make a profit. Unless your create a business plan that projects a satisfactory profit margin you won't be in business very long.
How are you going to promote your product or service? Find out why you want to start online with the focus on getting traffic, forming relationships and converting these into people who buy from you.
The author illustrates why the Marketing plan must be followed by an Operations plan and identifies six important issues that this operations plan must incorporate. Unless you can identify 4 or 5 of these issues, you will benefit from reading this book.
Finally, you will learn how to structure your Financial plan. Mr. Tokan provides a ready-made template on how to set up Cash Flow Projections, as well as a Profit and Loss outline which is accompanied by an offer to mail buyers a ready-made template.