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Business development compensation plans strategic compensation plan 1 1048x786 plan template

Business Development Compensation Plans

By Glen J. Espino on June 13 2018 16:12:39

You may want to consider the following key questions to help determine if you are ready to start writing your business plan.
~ Have you thoroughly refined your business idea so you have a good understanding of how your business will operate?
~ Have you researched your business concept to determine if there is a need for it in the marketplace?
~ Have you completed a feasibility study to determine expected level of success?
~ Do you have the money required to start and grow the business?
~ Are you prepared to invest significant time into the business to get it up and running?

Start from the very beginning understanding that your business plan ought to be specific to your business needs and objectives. Every business ought to have a plan, but not every business needs a full formal plan with carefully crafted summaries and descriptions.

A business plan is not a document you create once and store in your bottom drawer. It is a living guide that you should develop as your business grows and changes. Successful businesses review and update their business plan when circumstances change.

Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.

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