Characteristics of a good business plan
Do you have what it takes to get through hard times? Here are the traits that help home-based business owners thrive.
If you asked 10 people what makes a "good company," you would probably get 10 answers. This is partly because "good" means different things to different people.
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For example, from a consumer's perspective, a "good" business provides excellent products and services. From a business owner's perspective, a good business is able to support itself.
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However, most successful businesses have a number of common characteristics. Good businesses need good plans.
While Ron Finklestein argues in his "Entrepreneur" article that complex business plans are not required to make a business successful, he also says business plans should be "well good out and well executed," including financial, marketing and plan information. Business author Jim Champy also notes that companies should focus these plans on what they do well, even when they expand.
To be successful, a characteristic must be motivated by business beyond financial success. In addition, successful businesses have owners who are passionate enough about the business to take risks when they realize that these risks can lead to being able to do business better.
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Ten characteristics of a successful business
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Financial plan - a business can operate without budgets, but it is clearly good business practice to include it. With budgets, you will be more likely to achieve your business objectives, you will make more-reasoned decisions and you will have better control of your cash flow.
For any period, a cash flow statement would include: This will assess how much money is on hand to meet your financial obligations - what cash has homework organisation chart received and what has been paid out. Knowledge of this cash flow cycle will help you predict when you will receive funds and when you will be required to make a payment.
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Measuring and evaluation - you wrote your business plan and set the goals with the intent of achieving them. So now break them down into measurable pieces and monitor the results regularly.
A plan that cannot be measured is almost always destined for failure.