Business Planning

Find all articles related to business planning to help you prepare and execute your business plan. Start planning now and make your dream a reality. You can start with the following articles:

  1. Business Plan Mindmap
  2. How to Build Your Own Business Plan Template
  3. Risk Management Process as a Part of Your Business Plan
  4. How to Measure Business Plan Implementation Results?
  5. 30 Things You Can Do With Your Business Plan

Entrepreneurial Forecasting – Some Questions Answered

entrepreneurial forecasting

An entrepreneur’s life will be much simpler when he or she can see and predict the future. How their business will look like in the future. How will the competition look? What trends will exist in the market? You can find answers to these questions when you implement entrepreneurial forecasting.

All these questions are important, especially because of the decision-making process you will use today and in the future.

If you as an entrepreneur know how much will be the sales numbers for the next week, month or year, you’ll be able to align your spending according to those sales numbers. In such a way, you will invest only in things that you need in this period.

Because of that, I would like to answer several questions related to entrepreneurial forecasting.

Dangers When You Plan Business Plan

plan business plan

Before a month, I watch an interview with Mark Zuckerback the founder and CEO of Facebook on In this interview Mark Zuckerberg tells that they don’t need, and also don’t have time to write the formal business plan. The same I’ve experienced in practice. While most books about entrepreneurship that I have read talk about the full formalization of the business plan, I’ve made a mistake several years ago as I was starting a business. Such theory which I call “plan business plan” is completely wrong and in some cases opposed to what the practice required.

4 Steps to Collect Information Before You Enter the New Industry

4 Steps to Collect Information Before You Enter the New Industry

Entrepreneurs are people who always have challenges that, in most cases, are something new for them. Even the start of the business is something new to every entrepreneur; entering an entirely new industry is a widespread practice for entrepreneurs. Here I want to share four sources of information you need to consult before you enter the new industry.

Business startups and existing businesses will always need to enter the new industry. The entry is identical whether you come as a brand new or an existing business. For better navigation, you need better knowledge of the industry and markets you want to enter.

How to Measure Business Plan Implementation Results in Your Company?

How to Measure Business Plan Implementation Results

The business plan is a live document that serves to help you to run your business towards your business goal achievement. It is not something to stay in the drawer and take dust on it. It is not something that you need to set and forget. You must remember that the business world is a world that is constantly changing. Because of that, you need to measure business plan implementation results and adjust your plan from time to time.

Entrepreneurs are people that are always full of business ideas. The ideas are something that pushes forward all businesses. You, as an entrepreneur, maybe don’t have those ideas at a time when you have prepared your business plan. If you know that those ideas will increase your business success, you need to cover those business ideas into your business plan.

You can’t expect that your business plan will be 100% accurate because it is based on historical data, analysis, and forecasts for the future. Mistakes will be something normal and that is reasonable. But, mistakes, because you are not measuring the implementation of your business plan, are not reasonable and can bring catastrophic effects on your business. Because of that, you must compare what you have planned and the real numbers. Also, you must find the differences and causes of those differences.

In such a way, you can implement changes on the go as you start implementing your business plan and will improve your planning process. So, you will learn to implement many improvements in the next planning cycles.

If you succeed in implementing the pieces of advice I will give you here, you will not only implement improvements of the current and next planning processes, but also the improvement in your whole business processes.