Brian Tracy – Profit Growth Strategies

Apr 4, 2018
Small Business
0 0

Introduction
“Any goal can be accomplished if you break it down into enough small steps.”
(Henry Ford)
T
he business plan is as essential to business success as a blueprint would be in
the construction of a building. Each of the lessons in this course on marketing,
selling, cost analysis, pricing, break-even analysis and budgeting are ingredients that
go into the final business plan.
The creation of a business plan, and the process of developing it, contributes to clarity
of focus, teamwork, organized effort and profit growth.
The failure to develop a clear, detailed business plan leads to a lack of direction,
inaccuracies, confusion and wasted resources. The business plan is the foundation
document for entrepreneurial success.
In this lesson you will learn how to:
¦
D
evelop a mission statement for your business
¦
D
etermine the strategic objectives you must attain
¦
I
dentify the activities necessary for business success
¦
C
reate a blueprint for your business plan
Developing Your Business Plan
The business plan is the most important document in
thinking through
every single
aspect of the business, before you commit time, money and resources to producing
and selling the product or service.
Your business plan is the
critical document
that a banker or lender will want to see
before providing you with the money you need.
The most important part of the business plan is that it
forces you
to think through all
the critical ingredients that are necessary for you to achieve business success.
1.
The starting point of a business plan is for you to develop a mission
statement for your business.
a
)
W
hat are your
values?
What do you stand for and believe in?
b
)
W
hat is your
long-term vision
for your business? What would it look like in five
years if you were successful?
c
)
W
hat is your
purpose
for being in business? Why are you in business at all?
d
)
B
ased on the above, what is your
mission?
What do you want to accomplish for
yourself and your customers by starting your business?
2.
Strategic objectives – these are the goals that you must achieve to build a
successful business.
a
)
W
hat
level of sales
do you want to reach over the next 1-2-3-4-5 years?
b
)
W
hat level of
profitability
do you want to achieve from these sales?
c
)
W
hat kind of a
reputation
do you want to achieve for your company, and for
your products and services?
d
)
W
hat kind of a
company
do you want to build in the years head?
Tactical objectives – these are the activities that you must engage in to
accomplish your strategic objectives.
a
)
W
hat kind and quality of
products and services
do you intend to produce?
b
)
W
hat are your
marketing and sales plans
to achieve the revenues that you
desire?
c
)
H
ow will you attract the
financing
you need to build and run your business?
d
)
H
ow will you attract the necessary
people
you require for business success?
e
)
H
ow will you
grow and expand
with new products, into new markets, when your
business is successful?
4.
There are several strategic variables that you must consider in the
development of your business plan.
a
)
P
roduct policy
– you must determine the characteristics, design and mix of
products/services offered.
b
)
C
ustomer policy
– you must define the specific types and characteristics of the
customers to whom you intend to sell your products and services.
c
)
P
romotion policy
– how will you market and sell your products to your customers?
d
)
D
istribution policy
– how will you distribute and deliver your products and ser-
vices to your customers?
e
)
C
ompetitive emphasis
– in what areas are you going to develop superiority or
excellence over your competitors?
f
)
P
ricing policy
– how are you going to charge for your products and services?
g
)
F
inancing policy
– where and how are you going to obtain short-term and long-
term capital?

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