Management Planning and Ethics

Careful planning is fundamental to success however, the hardest part of creating a business plan is getting the energy together to get started. At first it seems like an overwhelming task. But once you get going you will find that writing the plan is not as tough as it seems. According to business plan.com, there are four essential steps in starting your own business. First, you should keep in mind your audience, for example, if you are trying to attract a young adult crowd then you will need to emphasize what will attract that audience. Secondly, strategy, strategy is the core of a business plan. It is geared towards helping develop and support a solid business strategy. You will need to look at the market, the industry, customers and competitors. Then look at customer needs and the benefits of current products and services. You then evaluate the strengths and weaknesses of each competing firm and look for opportunities in the marketplace. Third, is being competitive, because in today's crowded marketplace, you are probably going to have serious competition no matter how creative your business concept is. That is why you need to think competitively throughout your business plan. You need to realistically identify where you will do things in a similar manner as your competitors, where you will do things differently, where you have real strengths and where you have real weaknesses. Thus, trying to run the major aspect of your business significantly better than your competitors may be a very difficult challenge. Hence, you are often better to focus in planning on being different than your competition and competing. Lastly, do not bite off more than you can chew with your business plan. A lot of business plans sound good on paper, but do not work in the real world marketplace. It is difficult to attract people to a new product or service. Just because it is better doesn't mean people are going to switch to it! People or companies have established buying patterns and are currently doing business with someone else. To get them to do business