If intermediaries did not exist, manufacturers would have to assume their duties, greatly increasing their costs and operational complexity. Random ideas get random results. Don t make assumptions when you re looking at a new product or service idea. Some people create amazing businesses by filling gaps people never knew they had in their lives.

Finance : the lifeblood of your business

Where do you want to be? Your plan shows how you will get from here to there. In particular, these other companies will include suppliers of goods and services, customers that adapt or combine its offerings for others and companies that act as development partners. Written and monitored systems will make this happen.

Follow effective action with quiet reflection

As for changes in value measuring, companies have often extended the boundaries of accounting objects and the timeframe of calculations to make unprofitable objects become profitable. Knowing your ideal customers will make it easier for you to find out where they hang out. Once you know where to find them (on which social media platform, for example), you ll be able to listen to the conversations they are having. Hold regular, mandatory meetings. Stay in touch by sending customers things that help them grow their business.

Determine your target market

It establishes policy, sets direction, hires and supervises top management, is responsible for compliance with laws and regulations, and assures adequate resources for operations. No doubt you will look to choose a name that is attractive and that bears some real resemblance to your product or service, but that is only a first consideration. Angels are individuals who invest their own money, as opposed to institutions or professional money managers, who invest other people s money. Equity is the value of a business, investment, or property net of all amounts owed against it (payables, mortgages, liens, loans or claims).

Continue to reach out

And you ll need one of these to spell out the conditions of your partnership, no matter how well you and your prospective partner know, understand, and trust one another. Events in the stock markets can kill your opportunity if your idea falls from favor in financial circles. Make your own luck. If, for example, you have 12 patents, your sales manager had five years of 30 percent annual sales gains, and you personally oversaw the grand openings of 42 stores in 11 months, this is the stuff investors and others reading your business plan will want to see.

Use prices to defend a niche

And you have a fall-back option so if one route to market fails to work, you can still reach your customers, and they can still buy things from you. (For simplicity s sake, the term product is used to refer to both products and services unless otherwise indicated.) This is clearly a very important section of your plan. Learn all about the position next above you. Only you are responsible for you!