TAILIEUCHUNG - Business Plans Kit For Dummies 2nd editon - Chapter 20

Chapter 20 Ten Ways to Use Your Business Plan In This Chapter Getting the most out of your business plan Raising awareness inside and outside your company I leave you with these 10 parting thoughts to reinforce your decision to write and use a business plan to bolster your success. | H ii Chapter 20 Ten Ways to Use Your Business Plan In This Chapter Getting the most out of your business plan Raising awareness inside and outside your company 1 . . leave you with these 10 parting thoughts to reinforce your decision to write and use a business plan to bolster your success. Put Your Business Idea to the Test The business-planning process forces you to think about who s going to buy your product who your competitors are likely to be what it will take to get your company going and how you ll achieve success. Turn a Good Idea into a Viable Business So where s the money If you can t describe your business model it s back to the drawing board rather than forward to a business mishap. Determine Your Start-Up Needs. Your business plan helps you get realistic about what it will take to launch your business along with an action plan that serves as your marching orders. H ii 312 Part V The Part of Tens . . . and What They re Likely to Cost Your business plan provides an analysis of your financial situation and a funding forecast that allows you to have the cash available when you need it. Uncover What You re Up Against Writing a business plan forces you to scope out the competition and prepare upfront so you don t hit roadblocks later. Find Funding Whether you re trying to convince a local banker or a big-name venture capitalist to put up cash you need to convey that you have a great idea and a solid strategy. In other words you need a business plan. Period. Gauge Progress A business plan provides benchmarks to measure your progress. If you miss a milestone use your business plan to determine where and why you fell short and how to get back on track. Prepare for the Unexpected If you hit a pothole or you find yourself on a dead-end street in need of a U-turn your business plan will help you chart a turnaround. See Chapter 11 for U-turn tips. H ii Chapter 20 Ten Ways to Use Your Business Plan 313 Tell the World Who

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