Business Plan Research

Written by James Lyons
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For many, business plan research is the most dreaded part of developing a business plan. Many have absolutely no clue where to begin or how to acquire the information they will need. Marketing research and other forms of research required in writing an effective business plan is a skill that takes years and years to develop. There are formulas and strategies and tactics that normal people have no idea about.

If this is the case, then why do a number of men and women choose to write their own business plans? They write these plans without any research. The extent of their research involves finding out how to write a business plan. Once they find a format that looks good to them, they start plugging in ideas and developing strategies based on little or no information.

Business Plan Research is Crucial

Only out of your business plan research can you develop useful marketing strategies, sales strategies, sales forecasts, a personnel plan, market segmentation, and a number of other pertinent things. The business plan research you perform will be the most important component of your business plan. It's what brings integrity to what is put on the page and integrity to what you bring to the market.

The research phase if the most passed over phase because people simply don't like to do it. Unfortunately, the research you or your consulting firm performs is the most important part of developing your company's business plan. It really is. A plan based on no information is not a plan. It is an exercise in writing a business plan. You might as well throw it away as soon as you are finished writing it.


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