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Business Planning in Competitive Industries

Here’s a direct excerpt from an article I wrote:

Business_planning_article

“Many small and medium businesses in numerous industries encounter a lot of competition due to low barriers to entry. In industries where start-up costs are relatively low and few regulatory, relationship, or infrastucture hurdles exist, the competitive landscape can be fierce.  Such industries are often fragmented and local.  Consequently, possessing a clear strategy for how you will differentiate and run your  business can mean the difference between success and failure.

Determine goals and objectives.

One of the primary purposes of a strategic plan is to identify your business’ goals. To do this you must ask some challenging questions. What are your core competencies? What makes you better than your competitors? What are your revenue or net income goals? What area of the market would you like to focus on?”

To read my blog artilce in its entirety, go to The Need for a Strategic Business Plan in Competitive Industries.

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About Tiffany C. Wright

Hi! I,Tiffany C. Wright, am the author of the ebook, "Help! I Need Money for My Business Now!!" and the book "Solving the Capital Equation: Financing Solutions for Small Businesses", available on Amazon. I am the president of Toca Family Business Services, a short-term & project-based interim management & strategic and financial advisory firm, located in Atlanta, Georgia. In the past five years I've helped small and medium companies restructure and obtain over $31 Million in financing and a similar amount in purchase orders and contracts. I have an MBA in Finance and Entrepreneurial Management from the Wharton School of Business at the University of Pennsylvania and a B.S. in Industrial and Systems Engineering from The Ohio State University. Personal: I enjoy investing. I am a prodigious reader of everything from business books, magazines, and newspapers to horror and popular fiction. I read 4-6 books per month. I also love to travel. I've been to 33 countries on 5 continents and lived in Japan for 2.5 years and aim for a foreign locale twice a year. I am also an athlete and run track on the Master's Circuit. The highlight was placing 7th in my age group in the 2007 World Master's Track and Field Championships in Italy.

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The Resourceful CEO, Tiffany C. Wright

the president of Toca Family Business Services, a strategic and financial advisory firm which provides short-term & project-based C-level management. She is the author of Solving the Financial Equation: Financing Solutions for Small Businesses, available on Amazon.

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