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Start by creating and tracking weekly balance sheets and income statements.Then evaluate your most popular and top selling products and use this information to determine what you stock.
A business plan is a fundamental tool any startup business needs to have in place prior to beginning its operations.
Usually, banks and venture capital firms make a viable business plan a prerequisite to the investment of funds in a business.
A business plan lays out a written plan from a marketing, financial and operational viewpoint.
Although they're especially useful for new companies, every company should have a business plan.
Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved.
Sometimes, a new business plan is prepared for an established business that is moving in a new direction.
These are not mechanisms within planning, but are critical reference points, particularly in modern times when risks of scandal and corporate negligence carry such big implications.
For non-profit and public services organisations, the word 'business' would commonly be substituted by 'service' or a similarly suitable alternative.
Even though it may work, operating without a business plan is not a good idea.
In fact, very few companies are able to last without one.