4/27/2021 Tip: Is Your Business Feasible?

Today’s Quote

“A man’s worth is no greater than the worth of his ambitions.”
~ Marcus Aurelius Antoninus

 

Today’s Tip

In continuing with this week’s theme about the importance and benefits of business planning, today’s business plan benefits are as follows:

  1. To better understand your customer. Why do they buy when they buy? Why don’t they when they don’t? An in-depth customer analysis is essential to an effective business plan and to a successful business. Understanding your customers will not only allow you to create better products and services for them, but will allow you to more cost-effectively reach them via advertising and promotions.
  2. To enunciate previously unstated assumptions. The process of actually writing the business plan helps to bring previously “hidden” assumptions to the foreground. By writing them down and assessing them, you can test them and analyze their validity. For example, you might have assumed that local retailers would carry your product; in your business plan, you could assess the results of the scenario in which this didn’t occur.
  3. To assess the feasibility of your venture. How good is this opportunity? The business plan process involves researching your target market, as well as the competitive landscape, and serves as a feasibility study for the success of your venture. In some cases, the result of your planning will be to table the venture. And it might be to go forward with a different venture that may have a better chance of success.

 

Today’s Resource

You can too…

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Trivia

Today’s Question: The discovery of Metallica’s song “I Disappear” on a file sharing network in 2000 started a chain of events that led to the demise of the original incarnation of what company?

Previous Question: In 1984, while filming a commercial for which company did Michael Jackson suffer second degree burns after pyrotechnics set his hair on fire?

Answer: Pepsi Cola.  Happening in front of a full house of fans during   a simulated concert, the incident was the subject of heavy media scrutiny and elicited an outpouring of sympathy. 

PepsiCo settled a lawsuit out of court, and Jackson gave his $1.5 million settlement to the Brotman Medical Center in Culver City, California, where he had been treated.
 

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