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Decision Making - How to Develop Your Business Plan

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Source - Management Forensics Institute
Audience Rating - Leadership, Management, Operations, General Audience
Coach - Buddy Bacchus​
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Decision Making - How to Develop Your Business Plan

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Courtesy ManagementForensicsInstitute.com
A business plan is your tool for bringing your idea of value to the next level.  The next level depends upon where you are with the idea. For example, you may be at the concept level and need to create your prototype. You may have completed the look-and-feel or prototype and need to produce a small quantity or batch.  You may have completed your test batch and need to produce quantities for the market.  

In each stage of your idea to product development, you are using scarce resources and time.  For that reason, your business plan starts with your idea and follows thru to your marketing and deployment.

Why is it a business plan in the first place? The reason is that it helps you to identify your critical resource requirements, costs, and other planning factors to help you track your inputs as you plan for your final output or dream product or service.

The business plan is your plan and not someone else's plan. Why? The reason is that the final product or service you are creating is based upon your idea whether single or collaborative, and it is your philosophy of why, when, and how the product should be used and be available. Therefore, you are the best one to develop the business plan. The plan considers various factors in the plan's development and support on these various factors can come from any source.

Management Forensics Institute offers guidance on what factors to consider when developing a sound business plan.

Feel free to submit your questions, comments, or suggestions which will be included in future article updates.  



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