8/4/2021 Tip: Forcing You to Do the Work

Today’s Quote

“PR is extremely important, and being able to use it in the right way means everything. You have to market your success.”
~ Lee Haney


Today’s Tip

While there’s a lot more fun things to do than creating a business plan, a ton of knowledge comes out of the process.

Specifically, the business plan process forces you to make a lot of key decisions about your business. For instance, writing down your marketing plan forces you to determine the marketing tactics you will employ.

Likewise, the business plan development process forces you to assess your market, identify customer segments and customer needs, and determine the strengths and weaknesses of your competitors. This is all critical information that you need to successfully operate your business.

The U.S. Small Business Administration, in a study called “The Small Business Economy,” found a direct correlation between a business’ success and its creation of a formal business plan. That’s because the business plan development process forces you to really think through the business and make informed decisions.


Today’s Resource

The Fastest Way to Finish Your Business Plan

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Today’s Question: In a business hierarchy, what is the “marzipan layer?”

Previous Question: In the 2011 list of cities with Fortune Global 500 companies, which city topped with 47 companies?

Previous Answer: Tokyo is #1 in Fortune 500 companies.

Tokyo is followed by Beijing with 41, and Paris with 23. Wal-mart, an American-based company, was the largest company on the list.


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