Creating your post-coronavirus business plan

When the coronavirus emergency comes to an end, it will be up to every entrepreneur to ramp up their business in the new economy. Consider these steps as you prepare for the future.  
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Create a business plan for fewer hassles and faster growth

There are several good reasons for writing a business plan before launching any new venture, even if you're not looking to attract investors. A business plan is an effective tool for setting out your goals and how you're going to achieve them. And while it may take time and effort to create, a well thought out business plan provides an effective roadmap for your business and improves your chances of success. Here, John Lavelle shares some top tips on how to create a "low friction busin...
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10 common mistakes with startup financial projections

Detailed financial projections are a vital part of your startup's business plan. When you're fundraising, you need to show investors that you have a credible business strategy. And, whether you're looking for investors or not, accurate financial forecasts help you manage risk and set reasonable expectations for the business. Yet founders often present unrealistic forecasts because they don't have a good grasp of the fundamentals, says business planning expert Tim Berry. To help you showcase your...
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Death by revenue plan

The majority of new startups are going to fail and a major cause of failure is running out of cash. This is why the financial section is arguably the most important component of your business plan. No matter how great your vision, product and strategies are, you need to demonstrate the business is viable and that you can back up your growth strategy with good figures. And while you may want to impress investors with optimistic projections, your estimates must be firmly grounded in reality. Here,...
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4 essentials of the growth-oriented business plan

Planning is key to the success of any business. Potential investors will usually want to see a business plan before they consider investing in your business. And you can prepare for the future by creating a strategic plan that maximises your potential for growth. Setting long-terms goals, objective and priorities helps you identify the most likely strategies for growth and reduce business risks. And regularly assessing your performance against the plan helps keeps you on track to achieve your go...
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7 reasons to create a one-page pitch before you plan

There may come a time when you'll need a formal business plan—whether it's to convince lenders or investors to get behind your business, or to flesh out your strategy and keep the business on track. In the meantime, you should save time and effort by starting with your pitch first, says Noah Parsons. "It will eventually serve as the outline of a more thorough business plan when you need to create one." Here, Parsons shares seven reasons for starting with a one-page Lean Plan—and an example of wh...
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How to write a business plan in under an hour

A business plan is your roadmap. It helps you define your business, clarify your priorities, map out your strategies and set goals. And, as an ongoing process, business planning helps you monitor your progress towards reaching crucial milestones and course adjust as necessary to keep the business on target. That said, a business plan doesn't have to be a long and complex document. Although you may need to prepare a more detailed business plan if you're seeking a bank loan or outside in...
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How to write an executive summary

While there may be some exceptions to the rule, generally speaking all businesses should have a business plan. And if you're using your business plan to introduce your business to investors or bankers, it must start with good executive summary. As the opening section of your business plan, it's often the only part people will read so your executive summary needs to grab your reader's attention and persuade them to continue reading the rest of your business plan or proposal. In this article, Tim ...
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10 business plan myths that hurt your business

A business plan acts as a blueprint for the future of your company. Whether you're starting a new company or planning to expand, your business plan helps you clarify your business idea, define the market you operate, describe your objectives and plan your strategies. And regardless of whether you intend to seek outside funding, having a business plan that includes sales, marketing and financial forecasts helps keep you on track to achieve your goals. Done right, business planning "is a mana...
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How to calculate the size of your target market

Calculating your market size is a challenging yet essential task for any start-up. Market research is crucial for assessing the viability of your venture, regardless of whether you're seeking outside funding or bootstrapping the business. And you need to estimate the size of your market before you invest a significant amount of time, money and energy in developing any new product or service. Here, Shane Donnelly shares how to work through each of four steps involved in measuring the size of your...
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