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Whether you’re just starting a company or looking to take your current operations to the next level, business planning should be a top priority. This will lay the foundation for your goals and make it easier to track your progress throughout each stage of growth. Without a plan, it can be quite a challenge to express your vision clearly.

The professionals at Zoellner Garten & Company offer a variety of services designed to help entrepreneurs throughout Northern Kentucky, Cincinnati, and Dayton, OH, become as successful as possible in their business ventures. President John W. Zoellner recently spoke at a P&G Alumni Network Global Conference to address the importance of having a business plan and the process of creating one. Below, he provides a few tips for developing a solid plan. 

5 Effective Business Planning Suggestions to Keep in Mind

1. Cover All the Essentials

A good business plan will include three essential parts. First, it must have an analysis of your industry, market, and competition. Then, it should detail an action plan that you can use as guidance to reach your objectives. Finally, it will need to outline your financial projections.

2. Know Your Competition

Although you don’t want to criticize your competition, it’s vital to name who they are and identify what makes your products or services different from theirs. Describe how you compare in price, quality, and customer service, so you can focus on catering to consumers.

3. Understand Your Target Consumerbusiness planning

A crucial part of business planning is taking the time to learn as much about your customers as possible. You will need to determine who your target audience is, what their habits are, and how best to appeal to them.

4. Keep It Simple & Specific

It’s best to keep your business plan simple and specific. You want it to be easy to recognize and clarify your goals, as well as your strategies for accomplishing them. However, you should have specific benchmarks that allow you to track your progress.

5. Be Realistic

Regardless of how big your vision is, you want your business plan to remain realistic. It should show a logical and attainable way of achieving what you set out to do. Be honest with yourself, and take different challenges into account when considering different opportunities.

An important factor to remember when business planning is that you’re not simply drafting a document to set aside and never think about again. You will need to update and adjust your plan as your company grows and as the goals change. Contact Zoellner Garten & Company by calling (513) 852-2400, or visit the website for more information regarding the expert team of advisors. 

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