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Business plans are one of the most important things that an entrepreneur can do to help them succeed According to Virtual CFO. And even though it was hundreds of years ago when Benjamin Franklin, the Founding Father of the United States of America said. if you fail to plan, you’re planning to fail.
However, Benjamin Franklin has been proven right several times. And when Palo Alto, who is a software company decided to do a study to find out how businesses with business plans were more likely to succeed. The results were shocking. Entrepreneurs that have business plans are 50% more likely to grow the revenue of their business. Then entrepreneurs who did not have a business plan at all.
Therefore, if entrepreneurs want to know what they needs to do in order to be successful. They should create a business plan, so that they can know exactly what they’re going to do in their business. In order to Grow their business.
However, business owners must also know all of the most important components of a business plan. To ensure that they are getting the most out of it. not only do they need to have a marketing plan within their business plans as virtual CFO. They should also be outlining who their target market is. And ensuring that they have a well-thought-out executive summary.
By knowing the most important aspects of the business plan. Can help entrepreneurs create the best one that they possibly can. the target market is so important, that it’s going to actually influence many aspects of the business plan itself. As well as influencing the marketing plans as virtual CFO.
Because of this, it can be one of the first things that business owners should think about. When was take that business owners often make. Is that space think that the larger the target market, the more people that they are going to be able to advertise too. And the more results they are going to generate.
When in fact, the opposite is actually true. By starting with the smallest target market area. Business owners can be extremely consistent in their marketing efforts. Reaching out to the target market several times. And that is what is going to generate the results.
In fact, Studies have shown that consumers needs to hear an advertising message from a company on average 4.3 times before they make their purchase. So the more an entrepreneur can Market to the same area. The more results they are going to have in their business.
So in business owners start small says virtual CFO, they will be able to generate more results. That’s going to help them increase the revenue in their business. When they increase their revenue enough. They can increase their target market. And use the same strategy to generate an even larger return on investment for their business.
By outlining their target markets not just in their business plan but in their executive summary as well as virtual CFO. Then that helps business owners be prepared to do what they needs to do in order to succeed in their business.
Business owners needs to understand that planning is incredibly important says virtual CFO. And the most important thing that they need to plan is the advertising and marketing aspects of their business. The reason why, is because industry Canada did a survey in order to find why entrepreneurs were failing in business.
What they discovered, was that 50% of all Canadian entrepreneurs ended up going out of business. And the most common reason why on nerves went out of business. Was because they were unable to find customers for their business. In fact, 42% of entrepreneurs who failed said this was the reason why.
The likely reason that entrepreneurs could not find a market for their business. Is not because the market didn’t exist. But more likely because they were not utilizing effective marketing strategies. Therefore, learning what they need to do in their business to effectively Market their business, the better.
Business owners needs to create a marketing plan around their target market says virtual CFO. Because not only do they need to know exactly what they’re going to do to Market their business. They need to know exactly to whom they’re going to do this.
Not only that, the virtual CFO also says that the target market of a business is going to influence other aspects of the business plan. Including cash flow projections, pricing and budget. So when business owners create their business plan. They should start with their marketing plan, and go from there.
However, it’s also very important that when they get their business plan completed. That they are creating the best executive summary possible. The executive summary is often the only parts of a business plan that many people read in order to make important financial decisions for the entrepreneur. They’re for the better it is organized. The more beneficial to an entrepreneur.
For example, a financing company or a financial institution such as a bank or credit union. Is going to need to see the business plan and its completion. In order to make the decision of whether it’s going to loan entrepreneur money that they can use to grow their business. Or not.
By reading the executive summary, If It is Well written with all of the most important aspects of the business and marketing plan. Then it is going to be far more likely for business owners to be approved for the loan they need to help them grow their business.
When business owners put the target market into the executive summary. The message this sends to financial institutions says virtual CFO is that they have an extremely well-thought-out marketing plan. This is important for financial institutions to see. Because they want to ensure that they’re going to be able to get their money back if they loan it out.
Therefore, business owners not only need to have an effective marketing plan and business plan. But they need to ensure that it is written properly. And that the executive summary accurately reflects the contents of the business plan. By doing this, virtual CFO says that business owners will not only be more likely to succeed in business. But they will be more likely to get the financing they need to continue to grow.
