Most business people can confirm that the creation of a master business plan are not something that should be attempted by the fearful and the weak, since this is a matter that requires discipline and determination and loads of research and especially so if you are placing your hope on this business plan to obtain the necessary funding for your business venture. When you are putting together your master plan there are a few critical areas that you should pay special attention too, to avoid any problems.
Within a large country with a very broad market it is possible that the needs of people may change and therefore the products to meet those needs will change too. Just look at the changes that have taken place the last 50 years, the last generation has experienced a tremendous revolution, in the way we travel, the way we communicate and in the way wars are now conducted and new technologies are causing these changes to accelerate and therefore your business plan should definitely consider this.
Any prospective business owner should also consider the continual fluctuations in the economy. Just look at the impact that the recent recession had on the property market. That event had a tremendous impact on the economy and on the country as a whole and it will probably be sometime before the country and the economy recovers from that event. Never before in the history had we seen so many foreclosures and therefore your business plan should take note of major fluctuations in the economy.
As the economy shifts it is often necessary for government to step in and employ measures to protect the economy and these measures my include tax policies, trade regulation may need to be adapted and in some cases new laws may be passed to allow government to better regulate some trade. These things may often influence your new business directly or indirectly and the same may be true for possible changes in the trade laws and therefore you will do well to include it in your business plan.
Then the new business owner that does not carefully consider the tremendous advances in technology in our industries are very short sighted indeed. We have barely incorporated a brand new technology when the new headlines appear about new advances in that field and like every business owner knows unless you are providing your customers with the absolute best they will simply go elsewhere. Keeping up with the latest technological advances are an important consideration that should be included in your business plan.
Some of these things may be more applicable to your specific area of business than others but to play it safe it would be better to research all of these areas and to devise effective ways in which to deal with them should they become a problem in your business. Even if you are not likely to be affected directed by some of these things it would be in your interest to consider them since doing so will ensure that your business are viewed as a business with a vision which are sure to draw new business and publicity.
Friends Read Free