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Thread: The Business Planning Method

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    Default The Business Planning Method

    Hello everyone!

    Every business has to start with a good business plan in order for the owner to be able to open and run it successfully. It serves as the core guide in starting the business that you want. Each kind of business has its own different way of creating a business plan suited for it. Some business owners even go to the extent of consulting a business expert in creating their perfect business plan. In my case, our family business plan was simple but very specific on the business we wanted to start.

    In your case and in your own own ideas, what factors are important in creating a good business plan for a supply chain business?

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    Diamond Member Corzhens's Avatar
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    Default Re: The Business Planning Method

    Based on my experience, the first thing in our plan was the market prospects. If there is no prospective market then it's not good to put up the business. Second is the source of supply, not just where to buy the supplies but a good source of supplies. I'd say that those 2 elements are the most important when it comes to the business. The rest of the list can contain, b) the business climate like a rural area is not conducive for putting up a computer store, b) peace and order, c) and some other elements in the planning like capital, government regulations, etc. Having a good plan can send you off to a good start because it is not good to be groping in operating the business.

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    Default Re: The Business Planning Method

    Being able to understand what is going to cost what, and also knowing what will affect the business when you start it up. you may decide to start a business somewhere and there is currently a law that has been passed where the business tax will increase 10%. If you factor those things in, you can pretty much determine what your obligations from the start.

    I feel like many people start their businesses, and then they just learn about those things later, and then try to deal with them when the business is in its critical stages. That's not good for business. You need to know everything that will keep your business from breaking into success as soon as you start it.

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    Default Re: The Business Planning Method

    When it comes to planning your business, I personally think that there are some important tips every single entrepreneur should take into account in order to make their business run properly and reach the success they want for it.

    First off you have to analyze the finances, you have to start taking counts and saving up funds for anything you may need in the future, you have to administrate your money properly, otherwise, your business is going to die fast.

    You also need to make a starting plan, you have to take note of the things you are going to buy in order to make your first sales and also the items you're going to buy after you reach some popularity and gain some customers, you do not want to get frustrated when that finally happens so you better be ready.

    You have to arrange everything related to transport, it's very important to have some vehicles which you're going to use to deliver and transport your merchandise (this is really important).

    Be constant and never give up, this is probably the hardest part, most people quit when they realize they're not having as many sales or customers they thought they would have, but nothing's over yet, keep working hard and try to get your name around, contacts are the key.
    That's my opinion, though.

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    Default Re: The Business Planning Method

    Business planning is the backbone of any prospective business build. You need to write off a summary that express what your company is about and which kind of goals are you looking forward with it, then you have to explain with more details what are the objectives and mission of your company, establish what are the expectations with current budget and size, future proyects, etc.

    There are a lot to write down into your business planning. But the core idea is to remain focused in a determined planning instead of spread and explore all the possibilities, one thing at a time.

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    Default Re: The Business Planning Method

    This is very difficult to pull off. Typically when you're just starting you have incomplete information, usually imprecise/wrong initial assumptions and no real past data to build upon, rendering any attempt at making a true plan not very much useful.

    Having a business plan is good to present for loan / investors but it is not very important in itself, you will be changing a lot of your assumptions as soon as you start.

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    Default Re: The Business Planning Method

    You all presented good points and different important factors to consider when it comes to formulating a good business plan. The uniqueness of each point you have presented is a determinant that business planning also has to be designed in a way that it responds to each specific business. While there are general factors to consider when it comes to all kinds of businesses, there are also unique factors for each kind of business which need to be considered and well thought of.

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    Default Re: The Business Planning Method

    Every successful business will have a plan that they will try and stick to right from the start. In fact it's very rare that a business will even be able to get the necessary funding without showing that they have a plan in place but I also think that it's just as important to be able to change and adapt to situations that arise as well. A business needs to be able to change it's plan as it goes along, and sometimes while having a plan in place right from the start and sticking to it can work, sometimes things crop up that mean that you have to adapt and change your strategy as you go.

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    Default Re: The Business Planning Method

    I agree. This is one of the things I really appreciate when coming up with a business plan. One doesn't always have to stick with the plan. Modifications can still be done along the way to come up with the best strategy in starting and running a business. A business owner learns the art of flexibility and adapting to sudden changes in plans, and I think this is a good practice in starting a business.

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    Default Re: The Business Planning Method

    For me the most important part of the plan is the calculations and finding out the options so you aren't left stuck in dead ends when your main plan doesn't go well. You have to be able to at least predict some of the possibilities and know where you can or should cut corners to compensate when you make your plans and even if you can't expect to come up with all the possibilities I think at least having some estimates and options helps out a lot in the of run.

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