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It’s also crucial to ensure all financial projections are based on concrete assumptions that you can support with data of some kind. Make sure your projections are conservative, especially in the first fiscal year.
Keep in mind the strategic plan should be flexible and a “living document,” responsive to changes in the economy, market and business itself.
It should also be simple enough to be understood and implemented without significant amounts of training or explanation.
Answer the question, “Why did you start this business?
” Typically, entrepreneurs are motivated in part by an abiding interest or passion.
For example, if you have any data regarding your customers from your earlier market research, present that data in a visually attractive format as an appendix to this section.
Advertising is typically the first strategy that comes to mind for many new entrepreneurs.
The story of your business should reflect that commitment and interest.
The business’s core values and mission statement can also play an important role in your business biography section.
To gather this information, read as much as you can find about your industry, its leaders and the companies who will be your prime competitors.
Explore whether your prospective geographic market will support your planned products and services by comparing it with the geographic markets of industry leaders.