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Focus Your Energy – Plan for Success “What’s the use of running fast if you’re not on the right road?” A comprehensive approach to business planning focuses not only on getting clear about the objectives you want to achieve, but also on how you will implement your plan. Let’s back up though. Before you even start the process above, you must have an organized way of looking at the health and profitability of your business – a statement of current reality and its likely future direction. A sound business model should incorporate the elements show in the diagram below:
The elements of this model are not only quantitative, but are also qualitative. Qualitative factors are things like the nature and effects of trends, impacts of new regulations, distinctions between cyclical and structural changes, reasons why some industry players are more successful than others, and new factors that can affect your customer base. Your business plan, if realistic, is a guide that will help you grow and sustain your business. Several hard questions must be answered honestly or your model for success will have little worth.
Once you have a plan in place, the work is not done. Quarterly/Yearly updates will ensure you stay abreast of shifts in your industry, maintain an awareness of the health of your business and help you focus on and achieve your short and long - term objectives.
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Member, South Shore Chamber of Commerce
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