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Challenges in business and advisory services have always intrigued me. My strong points are strategizing, planning and designing solutions to take your business graph north. I offer a host of services in Carlton Victoria for optimizing business growth.
Matthew Kingsford | MatthewKingsford

The Importance of Business Planning for Small Businesses and Startups

Dec 15th 2015 at 3:11 AM

The initial stage of any small business or start-up is very crucial for the owner or promoter. Expert advice is needed from professionals with long years of industry related experience to get the venture off the rails. A proper road map has to be chalked out based on which the business has to move if it has to quickly become a profit generating unit. It includes most critical business parameters from marketing and sales to product pricing and estimating future capital requirements. This is what business planning is all about and requires the expertise of trained professionals to structure such a plan. Working out a business plan is not easy. It requires a great deal of industry related knowledge and the help of qualified people if one has to be devised that will take the small business or start-up to the next level. But hiring highly paid executives is not always feasible for new ventures as they can ill afford the expenses. The best option is to get on board top consultants who are specialists in business planning as their charges are quite affordable. business planning









Having a strong business strategy in place is the key to a strong business foundation and its success. It is a vision document that has to be followed if the project has to prosper and grow. There are in-built flexible options in the plan that can take care of any eventualities enabling the small business to always stay ahead of the competition. Most importantly consultants realize that every business is unique in nature and hence draw up customised plans that will benefit it immensely. What then are the primary components of  business planning? The first is an analysis of the main competitors’ business strategies. By knowing this, plans can be devised that will enable the business to always stay one step ahead of the others. Then there is financial budgeting. All financial factors are included here such as projected working capital requirements, cash flow analysis and need for further lending. So comprehensive is this document that it often is the base for acquiring fresh credit limits from financial institutions. Pricing is another crucial element of business planning. This is based on the dynamics of demand and supply. Too high and it can result in low sales and market share, too low and it will put the business in red. A great deal of research has to be carried out before optimised product pricing is arrived at. With these aspects in place, quick business growth and development is surely assured.

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