If you're thinking of starting a business, you should know how to write a business plan. It is usually observed that despite having a great startup idea, most businesses are not successful. According to common statistics, within the first five years of operations, 90% of businesses fail, and of the remaining 10%, only one out of ten businesses lasts past the first five years. So, what makes some businesses fail while others prosper? There may be several reasons, including but not limited to customer service, poor logistics and cost management, and inadequate product. But the major reason is the lack of a business plan. Business plans help define goals and achieve them. If you take out time to set concrete but achievable goals and chart a plan to success, it can help you realize your dream and make your business flourish. I have compiled an all-inclusive list of areas that need to be considered while writing a business plan. These will help you in defining your goals and the path your business needs to take to achieve them. Step 1: Define your vision. When you start a business, you have a clear goal in mind. You know exactly what you wish to achieve with your business. However, after some time, the clarity of your vision will become blurred, and you'll forget some of your brilliant ideas. Writing down your vision for the company will help you define it, and moreover, it will help your staff identify with the mission. All daily activities of the business can then be aligned with your vision for the business. This should be the first step of writing a business plan. Step 2: Set your goals and objectives for the business. Never assume that your goals need to be small to accommodate your limitations. Think big. Clearly define...
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