Developing a Plan for your Business
Business planning has 3 stages:
Yes models, you will probably need a model for each of your product sets. Why is that? Because different product sets will or could have different markets / market segments, different target customers (with different needs addressed), different value proposition, etc.
Your business models should include:
When you have your business models in place you can develop your strategic plan - Your business models are your starting point.
Your business plan is a summary of your business models, where you are now – your markets, customers and proposition, and your business strategy where you are going - your 3-5 year goals. It will include your 12 month marketing plan and revenue projections.
All of this is translated into the financial viability analysis - what are the financial implications for supporting your business models and implementing your strategic plan for the next 12 months? It will include a monthly income statement, expenditure budgets and cash flow forecast. If you are a start-up (or implementing new business models) you should include a break-even analysis.
Many companies think strategic planning is about manipulating the financials, others like to plan without understanding their business thoroughly enough. Successful planning means understanding your business now, knowing where you want to take it and how, and understanding the financial implications – don’t take short cuts.
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