Top 10 tips for business planning

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Many businesses start out with only an idea and a desire to succeed. Sometimes it works; more often, it does not. In order to become successful, a business should have strategic planning to anticipate potential issues so that you will be able to prepare the necessary solutions. Strategic planning is a coordinated and systematic process for developing a plan for the overall direction of an organisation and the allocation of resources to optimise future potential.

According to statistics, the primary reasons businesses fail are the lack of a solid plan and the lack of adequate capital. These two reasons are not unrelated, especially in tight economic times. After all, if you don’t invest in a good plan for your business, why would you expect someone else to invest in your business?

Strategic planning is more than just a checklist. Rather, it is the foundation of your business identity, your marketing and sales, your operations, your management approach, and your funding activities. So if you want to start a business of any size or nature, it is important that you make a business plan so that you can minimise risks and stand out from the competition.

An interesting article published at The Sydney Morning Herald talks about 10 tips on business planning. If you want to know more about this topic, you should definitely check out this article right here: http://www.smh.com.au/small-business/resources/top-10-tips-for-business-planning-20130328-2gxx8.html