Published at Wednesday, May 09th, 2018 - 09:59:17 AM. Template. By Wat Walter.
Business strategy: If the business objective defines what you want to achieve, business strategy defines how you are going to achieve it. Whether this strategy involves sales and marketing plans or production and quality standards or a mix of several different strategies, you need to be able to demonstrate that the objective is achievable through the implementation of your chosen methods. The financial section of the business plan is the demonstration of your success.
Enables you to review the business as a whole as well as each important segment. Enables you to spot strengths and weaknesses. You can use these to leverage opportunities and far more importantly, decide on how you are going to cope with threats. You can then prepare contingency plans and measures to deal with the situation. Help you to spot the areas that need to be beefed up possibly with the help of outside expert opinion. Provides the basis for taking important long-term decisions such as applying for business loans, recruiting your key people and planning for infrastructure and facilities.
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