Hey folks! Hope you’re doing well and all set to welcome the new year 2021 with full hopes and good vibes. In today’s blog, we’ll discuss the dos and don’ts that every business should take care of in the coming year 2021. We’ll see what should a business do and what not so as to eliminate any kind of obstacles that arise due to a lack of managerial skills or experience and how to use an early opportunity to win a competitive edge over others in the market.
Nowadays, managers find formulating and writing business plans quite difficult and problematic. It is always preferable for a business to first create and frame a business model and then over time compare the actual evolution of business performance with the planned model.
Fundamental Rule of Business
Every entrepreneur should understand one thing, that a strong business plan not only provides guidelines to run a business smoothly but also help and assist the business in acquiring funds securely and also gain customer confidence as well thereby creating a sense of accountability at all levels in an organization. Let’s see what the fundamental rule of business says:
✓ Understand what you’re best at
It’s very important for a business to understand its strengths and weaknesses and analyze what is best for the business and what should be done ahead.
✓ Create strategy
Once the business idea is ready, the next thing to do is to create a strategy depicting what and how everything needs to be done and how.
The next step is to execute or implement the prepared strategy and see how it’s working. Here the real action takes place.
The process doesn’t end here. The executed plan needs to be compared as well. This is done by comparing the planned strategy with the actual outcome that the business has brought.
The business plans are never-ending and thus where one plan gets completed, the other plan is all set to go. Therefore, the fundamental rule goes on repeatedly.
- Research, research, and research about the market needs and after thorough analysis, prepare the business model.
- Set targets and also the time period in which you seek to attain those goals.
- Create sections and sub-sections for a better understanding of the business plan.
- Learn from past mistakes and try to not repeat them.
- Use funds with judicious care and pre-plan the project cost before initiating
- Rely less on borrowed funds and prefer own funds
- Don’t get so extravagant incurring unnecessary expenditures.
- Don’t delay the payment outstanding as it will ruin your market reputation.
- Don’t create chaos by maintaining silly reports and bulk data that is of no use.
- Don’t be so rigid to the business plan, try to be flexible and ready to make adjustments.
- Don’t run away from the business weaknesses, instead try to face them and weed out them.
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