How to Formulate a Good Strategy for Business

A famous quote from Benjamin Franklin says, “If you fail to plan, you are planning to fail.” This adage may sound quaint, but it is sound advice not only for life but also for business. As an entrepreneur early in your career, you may be wondering how to plan for lasting success in the business world. There are a few principles that can guide you as you learn the ropes of creating growth and increasing profits for your new business.

Kye Giscombe has become an expert at achieving long-term success as a business owner, building the companies Cosmo Horizon and Contact Sports, Inc. from the ground up. Today, he serves as the Director of Operations for the successful law firm Estate Law Center. Kye Giscombe advises, “A good business plan has three basic steps. First, you have to set ambitious but realistic goals for the future. Second, you need to think of concrete, measurable steps to achieve those goals. Third, you have to anticipate potential setbacks and think of ways to address them.”

These steps are a great starting point for crafting a business plan, but another important part of formulating a business plan is having trusted advisors look through your plan and give feedback. Having another set of eyes to guide you is important for catching details you may have overlooked.

Kye Giscombe continues, “When you’re formulating a business plan, don’t assume you know everything. Find people in your inner circle who are experts on specific topics and ask for their advice. A variety of perspectives can formulate better plans than one person on their own.”

As you follow your business plan, don’t be afraid to make adjustments and adapt to unexpected circumstances that come your way. A mix of shrewd planning and resourceful adaptability will help you take your business to the next level.

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