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Week Seventeen: Planning for Problems
This week you’ll identify possible challenges and risks you’ll face in carrying out your plans and work out how you would tackle these challenges.
Congratulations, you’ve now completed the most difficult part of putting your business plan together. Soon we’ll draw together all your research and planning into a financial projection, but first you need to ‘stress test’ your business plan.
Any bank manager or investor will want you to have thought about what problems you could face, what could go wrong, and how you might deal with those situations. Nobody, repeat nobody, who is experienced in business will expect (or even think for a moment) that your business will turn out exactly as predicted in ...
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