Business Development – Questions to ask 4
by Bruce Wade on 21/06/10 at 12:00 pm
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The forth first question to ask about a business is: Is this business Achievable?
Knowing that your business is achievable stems from the previous question about the capable team. This part of the business development cycle addresses some other areas, namely; financial and access to market.
A good financial plan can be written up by anyone with a creative mind and a little bit on accounting skill. Getting this right is another story all together. How often do I see business plans with a first year turnover in the millions? How often does this actually happen?
A financial budget to determine monthly cash flow is critical at this stage. Only once you get to know what you did not know can you amend your first draft financial plan. This should be done on a regular basis to assist in your forecasting.
Access to market still remains the largest barrier to any small developing business. “If only they knew what I had to offer” is the common cry of entrepreneurs. Developing a plan to generate hype and awareness of your business is critical and will go along way to making your business achievable. Spend some time on this and consult some Marketing and PR suppliers to assist in the development of your campaign.
Bruce Wade is a survivor of the corporate and NGO world, author, speaker, business owner and entrepreneur, Bruce now runs the Entrepreneur Incubator; a member based organisation dedicated to serving those in the trenches of business through coaching, mentoring and leadership education. View more articles by Bruce Wade.
Tags: business development, business tip
