Business planning series – Part 1: what is business planning
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Business planning series – Part 1: what is business planning

Welcome to part 1 of our business planning
series – what is business planning. Business planning is essential. It will help you to
identify your customers as well as your target market and will also help you to determine
your pricing strategy and the competitive factors affecting your business. It allows
you to capitalise on current and future opportunities, better serve your customers and increase your
overall profit. Business planning is the process you undertake
to develop, plan and review your business on an ongoing basis. It involves setting goals,
selecting strategies, identifying what you need to do, doing it and then reviewing the
results. By completing a business plan you will also discover your competitive advantage
and identify new opportunities along with any deficiencies in your existing business.

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