Key Ingredients of an Effective Business Plan!

Business-plan-elementsSome people believe that only business start-ups need funding and that only large companies need business plans. But the truth is that every business needs a ‘blueprint’ – not just for the benefit of potential investors, but so that the people who work in the business can have a clear idea of its direction, and can commit to a plan.

Did you know? Approximately 543,000 new businesses get started each month. Eight out of ten of them will fail within the first 18 months.

A business plan is a written description of business’s present and future. It is a document that describes goals and strategies you plan to implement to achieve your objectives. This will vary depending on your business life stage, industry and ultimate goals. The importance of a good business plan can not be overstated when you are starting up in business.

Here are five steps to achieving colossal success by mapping out not just your business plan, but also your network of possible advocates who will get you from where you are right now to where you want to go!

1. Write out goals. This is the reason why business plans as we know them are important. They enable us to map out our vision, mission and end game. If a complicated business plan is not your cup of tea, simply write out your goals on a sheet of paper. This will enable you to move on to the next key.

2. Mobilize your contacts. With your goals memorialized in writing, now it’s time to mobilize your troops. For each goal written make a list of people that you know and those you need to know to accomplish the vision. For example, let’s say you are starting a cake bakery. You will need customers, a bakery supply vendor, marketing team and other businesses you may want to partner with. Utilize every tool you have to start mapping the network. Facebook and LinkedIn are invaluable for doing this.

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Wal-Mart To Pay $82 Million Fine For Improperly Dumping Hazardous Wastes

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A recent ‘The New York Times’ article entitled “Wal-Mart Is Fined $82 Million Over Mishandling of Hazardous Wastes” reported that Wal-Mart Stores pleaded guilty Tuesday to improperly dumping hazardous waste in California and Missouri and agreed to pay almost $82 million.

The retailer was charged with six counts of violating the Clean Water Act in California and one count of violating a federal law related to pesticide disposal in Missouri.

Since 2003, Wal-Mart employees tossed products like bleach, fertilizer, hairspray, nail polish and deodorant into trash or the local sewer system.

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Bank of America Profits are Affected by Legal Costs

Bank of America has reported profits have been hit by legal costs.

For the last three months to the end of September net income came in down at $340m. It used to be $6.2bn in the same period last year. The bank took a $1.6bn charge for litigation expenses.

The bank has already paid $2.4bn to settle a lawsuit that had been brought by shareholders who said they had been misled about the acquisition of Merrill Lynch by Bank of America.  The acquisition occurred during the financial crisis.

Shareholders argued that Bank of America made misleading statements concerning the financial health of the two banks. However, Bank of America claims it did nothing wrong.

Bank of America warned that it would be hit by a pre-tax loss of $1.9bn and an additional $800m in charges due to changes in the UK corporate tax rate.

The information was taken from the BBC News website. If you like to get more info, please, go to: http://www.bbc.co.uk/news/business-19979438