September 18


What Goes In Must Go Out For Business Planning

A business plan on a sheet of paper, is just that, a piece of useless paper. In order for the plan to mean something, it has to be pinned against real-world actions. In other words, the business plan you create, must be somewhat reactionary to the world around you. You can’t say you’ll have a certain amount of profit by the end of the month, yet not have any statistical data of your own to give your projection credibility. The same goes for the success of each product and service you offer. You shouldn’t be looking to make thousands of the product, while only garnering hundreds in sales in the space of time you guessed you would have achieved more. What goes into a business plan, you must first out and make sure it’s a feasible target to aim for.

When peripheral projects fail

It’s normal to make side products that aren’t pertaining to your main line. Many businesses around the world do this to make sure they have a safety net to fall back on, should their main line of products not sell to their expectations. However, what happens is that these products don’t get the same treatment and they end up inferior. When the sale of the products you make on the side, show signs of failure you need to readjust two things immediately. First off you sales and profits will need to be adjusted, and cutting costs will need to be considered. This could mean dropping the failed products altogether.

Evidence-based income

It’s rare to have all four financial quarters be very positive for a small business or startup. Of course, you may have great success due to the way you do business, create a marketing strategy and adjust to the market. However, your profit margins should be re-evaluated when you start to see any kind of dip in your sales. VBA training is useful in this respect as it teaches you Excel shortcuts and commands for calculating your projected income. Putting in previous profit margins, and including recent figures, you can forecast your profit range for the next few months using this kind of software.

A message that resonates

Marketing campaigns are usually balanced. You get a lot of responses and interest around your business, and you go through periods where the same campaign doesn’t work in a different country, region or even city. Normally, it’s advisable to allow your campaign to keep running for a month without the correct amount of responses that would be to your liking. Nonetheless, when the campaign has fizzled out, study the reasons as to why and make serious notes of this in your business plan, so you never repeat them. A message that resonates can be better designed when you have evidence of failures.

A business plan is always just a blueprint. It’s not your final approach to the landing strip. Take in as much evidence of your strategies as possible, and then constantly readjust and rewrite your plan to coincide with failures and successes. Using software to analyze and accurately predict your future performance is really useful for making better strategies.