Business Concept

If you are starting a new business, the business concept identifies your market potential within your industry and outlines your action plan for the coming year. Make sure your stated business goals are compatible with your personal goals, your own management ability and family considerations. The heart of the Business Concept is your monthly sales forecast for the coming year. It is your statement of confidence in your marketing strategy and forms the basis for your cash flow forecast and projected income statement.

The business concept contains an assessment of business risks and a contingency plan. We urge you to take the offensive and be your own devil’s advocate. Being honest about your business risks and how you plan to deal with them is evidence of sound management.

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