3 Essential Plans for a New Business

Business Planning with Plan-Too

Any new business needs lots of planning. Whether it’s your money or an investor’s you want to get the most bang for your buck and ensure you do not lose sight of the bottomline. Where some entrepreneurs go wrong is they plan, but not necessarily in the right places. These are the three essential plans for any new business.

  • Financial plan.
  • Business plan.
  • Marketing plan.

Your financial plan is vital to your business. You must keep tabs on it at all times. There’s no reason to skimp in this department because it can ultimately make or break your business. You do not need a CPA or financial planner for this. You can be diligent and break down the numbers with the help of Excel.

The goal is to be aware of what’s going out and what’s coming in at all times. Also analyze where the budget can be reduced as the business develops and what areas could use more funds in order to grow your idea.

A business plan isn’t the same as the financial plan, but the two do work together. The business plan should break down your purpose as a business, your target consumer, how money will be allocated to bring the idea to life and the time frame in which you plan on doing all of this. Your marketing plan is also essential. It breaks down how you plan on presenting yourself to the public and what timeline you want to aim for in terms of an official launch.

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