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In: Strategic Planning

What is the Strategic Planning Process for Small Business Owners? Strategic planning is a systematic process of envisioning a desired future of you small business and translating this vision into broadly defined goals and actions plans to achieve them. It aligns your resources to carry out the action plans. In addition, strategic planning ensures that everyone in your small business is on the same page on the direction and future of the small business. Read more about strategic planning here: Basic Strategic Planning and Key Statements for Small Businesses. The outcome of the strategic planning process is normally documented in the business plan: Read OutlineRead More →

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In: Market Analysis & Marketing, Strategic Planning

What is Small Business Market Research? Market research for small businesses is the systematic collection, analysis and interpretation of data and information about consumers, competitors and the effectiveness of marketing initiatives. Comprehensive market research provides small business owners with an accurate view of the prevailing and future marketing conditions to address in order to solve the marketing challenges facing them. Market research is the key to formulating market segmentation and market differentiation strategies. Why do Market Research Market research helps small business owners to: Make well-informed decisions about products and services, set achievable targets and develop effective marketing strategies for business growth. Understand your target market,Read More →

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In: Strategic Planning

In this blog post you will learn about basic strategic planning for small businesses and the advantages. Also covered are the key small business statements with an example of each. This includes the small business vision, mission and value statements. What is Strategic Planning? Strategic planning for small business owners is a systematic process of envisioning a desired business future (end state) and how to get there. Within the strategic planning process, you decide on your small business direction, broadly define goals/objectives and set priorities. In addition, you identify and align available resources to accomplish the sequence of actions necessary to achieve this. Basic strategicRead More →

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In: Owner Development & Wellbeing, Starting a Small Business

Do you have what it takes to be a good small business partner? Being in business with a good small business partner is more exiting, less lonely and two heads are often better than one. However, business partnerships are like marriages and most don’t last and some end badly! Business partners spend an enormous amount of time together and must make financial, personal and emotional sacrifices to keep the business going. Unfortunately, disputes arise in from these situations. A dispute with your partner can become one of the most bitter disputes you will ever experience. To give small business partnership the best chance for success,Read More →