Thoughtful Thursdays – Business research
Last week’s Thoughtful Thursdays post, said that research is the footing on which a business plan is built.
Research influences almost every part of a business plan. Information gained from conducting research leads to insights that impact setting of goals, objectives, strategies and tactics. Research is an ongoing process.
When developing your business plan, research will often be conducted in multiple areas concurrently. Be mindful that while your plan may be written in a linear fashion, research findings can affect multiple areas of the plan. Going back and editing your plan is common and to be expected.
Areas to research for the Company Profile include:
- The Business name
- Availability of preferred website address
- Legal structure
- Sole proprietorship
- Bricks and mortar
There are several online resources available to help you with this research. The Government of Canada site is a good place to start.
Another great resource is a business advisor. This is someone who will review your work and provide objective feedback. This feed back is what you need to hear, not necessarily what you want to hear.
Next week we will talk about research and development of the Marketing Plan.
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