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3 Important Elements Your Business Plan May Lack

by on June 23, 2017 in The Biz Tips

Your business is only as good as your business plan. Funding and operating your own small business can be one of the greatest experiences of your life- but it can also be one of hardest.

In the first year of operation, roughly 20% of small businesses fail. Within 3 years of operation, roughly 34% of businesses fail. You can read more about these statistics here. This is largely due to poor business planning.

If you contact our professional and friendly team, we can help ensure that your business doesn’t fall within these stats by helping you work out the kinks in your business plan. We can prepare the entire plan for you, once we’ve discussed your ideas and goals.

As we’ll discuss further down, networking is important. Consider working with a team of professional business planners such as ourselves your first step in networking; webbing out and meeting people that can help your business grow.

  1. A Contingency Plan

It’s critically important that you plan for success as a small business owner, or you’ll never achieve anything. It is also, however, very important to plan for a graceful withdrawal in the face of unforeseeable circumstance, in order to avoid blundering failures.

A contingency plan just ensures that if things do start to go downhill, you have an escape hatch and don’t have to go down with the ship.

  1. A Social Media Advertising & Branding Strategy

A great number of small businesses fail to take advantage of their social media advertising and branding potential. Many small business owners don’t see the point of using SEO, increasing their brand presence, and so forth because their clientele is in a small, local area or niche.

Now more than ever, however, localized SEO and other location-based strategies are bringing in real results for small business owners. The game is changing for small business, and it’s important to keep up.

  1. A Networking Strategy

As mentioned above, networking is critical in small business. You need to take stock of who you know, what resources are at your disposal, who you need to meet, and how you plan to engage with these people productively.

You don’t necessarily have to have friends in high places. But having friends in the right places for your niche? That’s what really matters.

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