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Make sure you are very specific when it comes to describing your typical customer, your product and exactly how you are going to market the product.“Too many business plans glibly talk about ‘mass media advertising’ without having the faintest idea about the costs.
It’s all about getting the message to your prospects, not the entire population of the country.” On asking for constructive criticism and making necessary adjustments, Feinstein is unequivocal: “Yes, yes, yes.
A real entrepreneur will always be receptive to a better way of doing things.
In fact, most of your time and effort should be spent on the financial model for the business.
Entrepreneurs should understand their finances inside out – those who do may well hold the key to success and prosperity.
Be precise about how you are going to get your message to the consumer,” says Martin Feinstein, programme director of the National Business Launch Pad.
It’s also imperative to assess other business models in your industry.
“From this you need to extrapolate, devise and fine-tune a practical business model that will work for you,” André Diederichs, SMME specialist at Old Mutual advises.
You can outsource your financials if you are not a numbers guru, but that doesn’t mean you can abdicate the responsibility you have to understand what they mean and to ensure that they are accurate and reflect a real, possible business path.
The plan must therefore be an accurate and comprehensive reflection of the business – in fact, it must act as a blueprint of the operational mechanics.
With this in mind, here are some of his don’ts: An elevator pitch is a compelling overview of your business.