• Decide on the authority, responsibilities, and duties of your team.
• What compensation/pay is given to you and your employees/partners?
• What purchases and expenses can you defer until after the business begins?
Then prepare projected financial statements for three years based on these estimates.
• Write down the results of the preceding action steps.
It tells you if your business makes sense or is viable. It communicates to the rest of your team (assuming you aren’t going it alone) what is expected of them now and in the future.
If you’ve already started your business, but haven’t written a formal business plan, the time to do so is now.
Shehan has published many research papers and articles.
He also speaks regularly at industry forums and conferences on topics such as Business Strategy, Value Creation, Centres of Influence, Demand Creation Strategies and Digital Disruption. Sc Honours Degree in Electronics Engineering and Physics from Loughborough University, United Kingdom.
• Determine the needs and desires of your target customer.
• Discover the most effective advertising being used for similar products/services.