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“Plans are nothing; planning is everything.” Dwight D. Eisenhower
One of the key factors to a business’s success is the planning behind the business.
Set it in stone
One of the first things you should do when starting a business is formalising it in a plan. Although you may know and understand the vision you have for your business it is important to set it in stone. Business plans create a vision for your business and help ensure your objectives are achieved. Establishing a sense of the future for your business will keep you motivated and focused on your business objectives in the long run. It is important to remember creating one business plan throughout the life time of your company will not be sufficient, as the environmental factors change you should update your plan, preferably on an annual basis.
Know what you’re up against
All most every industry is made up of hundreds of businesses, knowing who and what they are will give you the competitive edge. Consumers are bombarded with thousands of adverts on a daily basis, to grab their attention you need to be unique. Doing good research into your consumers and competitors will allow you to understand their needs and through satisfying these you will be better than your competitors and fulfil the needs of your clients.
TIP: Compile a list of your top competitors analysing which are the biggest treat to your business in terms of market share and add note of elements you do and don’t like about their businesses to create a guide to what your business should and shouldn’t be doing.
Make it official
Now that you have put all your strategies in place the next step would be to register your business. Registering a business is a simple process and will give your business that sense of professionalism to compete against the top dogs in your industry. In South Africa you will register a private company if you are starting a business. Private companies are great if you are just starting out and still trying to expand your business. The laws surrounding them are simple and the registration of them is not going to put a dent in your pocket.
How To: How to register a Private company, simple visit www.phaseone.co.za/project1.html and all the information of costs, the process involved, what is needed to register a company and additional information will be available to you.
Any topics you feel you need clarity on or would just like to boost your knowledge let us know and Phase One will ensure your queries are answered.