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Business Continuity Planning Process Diagram – Text Version
When business is disrupted, it can cost money. Lost revenues plus extra expenses means reduced profits. Insurance does not cover all costs and cannot replace customers that defect to the competition. A business continuity plan to continue business is essential. Development of a business continuity plan includes four steps:
- Conduct a business impact analysis to identify time-sensitive or critical business functions and processes and the resources that support them.
- Identify, document, and implement to recover critical business functions and processes.
- Organize a business continuity team and compile a business continuity plan to manage a business disruption.
- Conduct training for the business continuity team and testing and exercises to evaluate recovery strategies and the plan.
Information technology (IT) includes many components such as networks, servers, desktop and laptop computers and wireless devices. The ability to run both office productivity and enterprise software is
In the professional world, you will often need to write a business letter or send a professional email. From applying to a new job, writing a thank you note, sending a note of apology, or sending a farewell email when you depart, there are many circumstances that will require an appropriately formatted letter or email.
How to Write a Business Letter
A business letter is a formal document, with a set structure. As you can see from the examples in the links below, a business letter has a very defined format. A business letter includes contact information, a salutation, the body of the letter, a complimentary close, and a signature.
There are rules for everything, from how wide the letter’s margins should be to what size font to use.
In general, it’s wise to keep the body of your business letter direct and brief. Explain why you are writing in
Additional business insurance options to consider
You can also explore coverage options with these handy “cheat sheets” that outline industry-specific insurance options for businesses like yours.
Apartment – For owners of small apartment buildings, large apartment complexes and everything in between.
Auto Service and Repair – For owners of shops that specialize in collision repair, oil changes, transmission repair and more.
Commercial Real Estate – For those who own office buildings, retail shopping centers, industrial parks, warehouses and self-storage facilities.
Education and Non-Profit – For organizations including schools and civic groups.
Home and Building Service – For independent contractors such as plumbers, electricians, landscapers and painters.
Homeowners Association – For governing bodies that manage the common areas and other aspects of a homeowners association.
Hospitality – For the owners of hotels, motels and bed and breakfasts.
Manufacturing – For companies that manufacture products of virtually any type.
Office – For
Business plans aren’t just for startups. Developing a business plan for an established business serves several purposes: It can help convince investors or lenders to finance your business, persuade a business buyer to purchase your business, or entice partners or key employees to join your company. Most importantly, it serves as a roadmap guiding the growth and continued success of your business throughout its next stages.
Writing a business plan is an opportunity to carefully think through every step to achieving your goals for your company. This is your chance to discover any weaknesses that may threaten your business, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.
This template includes instructions for each section of the business plan for your established business, followed by corresponding fillable worksheet/s.
Sections of this business plan include:
- Executive Summary
- Company Description
Remodeling contractors are hard to find, and the good ones are always busy. Home renovation is one business that always seems to do well, even in uncertain economic times. If construction is in your blood and you think you would enjoy making clients’ home renovation dreams come true, why not turn it into a business?
According to HomeAdvisor’s 2018 State of Home Spending Report, homeowners spend an average of $7,560 per year on home improvements. That’s a lot of business for carpenters, painters, electricians, plumbers, drywallers, roofers, tilers, and other tradespeople.
The home renovations business is ideally suited to self-employed individuals for a number of reasons:
- Most renovations are performed on a contract basis.
- Startup capital investment for tools and machinery is typically much less than required for new construction.
- Business premises are not required as the work is performed at the customer
The internet is the great equalizer. In business specifically, it has leveled the playing field. Anyone can start a money-making online business—anyone with a computer, that is. But here’s the thing: virtually no technical experience is needed. Today there are plenty of tools you can use to build an online business that makes the technical work a lot easier than it was in the past.
You can also live anywhere you want, set your own schedule, and work as little or as much as you want, depending on how fast or big you want your business to grow. No business or marketing experience is needed either. It’s a truly democratic medium for entrepreneurship.
Best of all, unlike a brick-and-mortar business, you don’t need a lot of startup capital. In fact, you can get many internet businesses up and running with no money at all because so many free services facilitate
With so many business ideas in 2020, it can be hard to figure out which are worth pursuing. And when it comes to starting a business, ecommerce has completely changed the way we view the global industry. To put it into perspective, global ecommerce sales amounted to nearly 3.5 trillion dollars worldwide in 2019. This goes to show that ecommerce is an increasingly lucrative option for businesses. You’ll want to create an ecommerce business that’s not only profitable today, but also great for the long-term. You may notice that a lot of the ideas on this list have been growing in popularity recently. While jumping on a new trend can sometimes be risky – it can also be highly rewarding. Some of the ecommerce business ideas on this list have been popular for a long time making it more competitive but less risky. However, all the niche examples below will
What Is a Business Plan?
A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.
Business plans are important to allow a company to lay out its goals and attract investment. They are also a way for companies to keep themselves on track going forward.
Although they’re especially useful for new companies, every company should have a business plan. Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved. Sometimes, a new business plan is prepared for an established business that is moving in a new direction.
While it’s a good idea to give as much detail as possible, it’s also important to be sure the plan is concise so the reader will