We all should do it.
We rarely do.
The market, our competitors, our finances, our operational capacity. Your goal should be to identify those factors that will boost the success of your business and to develop strategies for maximising your results.
Let’s break them down a bit:
Your market: This involves studying your target market (aka ideal clients), identifying customer needs and preferences, and assessing the size and growth potential of the market.
Those pesky competitors: Who are they, what are they good at, where are they weak and open for attack?
Show me the money: Your financial bones - Costs, revenue targets, cash flow, sources of finance for ops and growth.
Operational capacity: This is KEY. Just how the business will operate, including the organisational structure, staffing requirements, systems and processes.
The idea is to build a plan which helps you make informed decisions - Maximise your chances of success 101.
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