Is your great idea actually a great idea? Feasibility testing is how you find out. Start with your goals. Sure, everybody wants to make a million dollars. But how will you define success? Finish this sentence: I will consider this business successful if after three years, at a minimum, it ______. List just two or …
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Legal Structures of Organizations Legal Forms and Traditional Structures of Organizations Market Research — Inbound Marketing Planning Your Research Market Research Find and Feed the Feeling Strategizing Understanding Strategy and Strategic Thinking Competitor Analysis Porter’s Five Competitive Forces (Part I) Porter’s Five Competitive Forces (Part 2) Competitive Intelligence Product Planning Product Management E-Commerce Sales and …
In Part 1, we reviewed the first 3 of the 15 questions that should be addressed during the “plan for a plan” phase of strategic planning. In this Part 2, we review questions 4-6. 4. What is the Scope of Our Plan? It’s not uncommon for leaders to believe that a long-term plan will somehow …
I know, you’ve got a great business idea. Everybody says it’s a winner, even your business friends. It’s amazing no one else has thought of it before. You’re feeling you should jump on it right away before someone else gets there first. But you realize you need to do some research before taking the plunge, …
In this post, we’ll discuss one of the most important phases in strategic planning – a phase that far too often is forgotten, resulting in plans that sit untouched on shelves. The plan for a plan should be developed by a Planning Committee and should answer 15 important questions — do this before the planners …
Successful entrepreneurs tend to be frugal. They have to be. They know that money and time is scarce. Too many things to do, too little time. So they focus, prioritize, cut to the bone, do what only needs to be done to get from point A to point E (skipping point B, C and D …
Simply put, strategic planning is about clarifying the purpose and most important priorities of an organization, and also about how the organization will address those priorities. Sometimes the priorities are about major issues and sometimes about exciting overall goals. The strategic planning process has to suit the nature and needs of the organization to produce …
If you’re running a business, you get asked this question often. It could come from your banker, your accountant, your business-savvy aunt, or your teenager taking that first business class. They want to know: what’s your business plan? And they all want different things. Some just want a sentence or two about customers, competitors and …
