Importance of Planning when Buying a Business
By JoAnn Lombardi
VR advises to develop a business plan that can help ensure that you know what your goals are and how to achieve them. In essence, a business plan is a road map that helps you focus on the most important points.
Here are some points to consider:
Examining Your Objectives …
Evaluating Strengths and Weaknesses
- Marketing and Sales – Research distribution channels and pricing strategies;
- Manufacturing – Analyze product costs such as raw materials, labor and overhead, availability of materials, operational forecasts and condition and capacity of manufacturing facilities;
- Business’ Financial Position – Estimate the company’s future working capital and capital investment requirements, current talent and expertise and transferability of skills.
Neglecting the Business Plan can Result in Failure …
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