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Here’s what we will cover this week:

• How understanding your customers, challenging assumptions, and assessing feasibility can set you up for success.

• The essential market research that makes your business plan irresistible to investors.

• From fixing website traffic drops to scaling your business by doing less, this week’s must-read news.

Quote of the Week

“The biggest mistake a small business can make is to think like a small business.”
~Aruna Bhayana

This Week’s Tip

A well-crafted business plan is more than just a document; it’s a strategic tool that can make or break your success. This week, we’re diving deeper into the benefits of business planning, and today’s focus is on three key advantages:

1. Truly Understanding Your Customer – A business can only thrive if it knows its customers inside and out. Why do they choose your product? What keeps them from buying? Through customer analysis, you’ll uncover valuable insights that help shape your product offerings and your marketing strategy. With this knowledge, you can refine your messaging, improve targeting, and optimize your advertising budget to reach the right people more effectively.

2. Exposing Hidden Assumptions – Every entrepreneur operates with certain expectations, but are they accurate? Writing a business plan forces you to articulate and challenge these assumptions. For instance, if you assume local retailers will carry your product, your plan should explore alternatives in case they don’t. This proactive approach minimizes risk and strengthens your strategy.

3. Evaluating Feasibility – Is this opportunity worth pursuing? The research and analysis in business planning act as a reality check, ensuring your venture is financially and strategically viable. Sometimes, you may realize the idea isn’t as strong as you thought—allowing you to pivot or pursue a better opportunity.

Investing time in a solid business plan isn’t just about securing funding; it’s about setting yourself up for long-term success. Are you ready to take your business to the next level? Start planning today!

This Week’s Resource

Make Investors Say “Yes!”

Successful business plans share one thing: compelling market research.

It’s what convinces investors your idea is worth their money.

Growthink delivers everything you need from customer demographics to competitive profiles.

Win over investors.

Trivia

Today’s Question: In the insurance business, what is the name for a person whose job it is to analyze statistics to calculate risks and price premiums accordingly?

Previous Question: With a valuation north of $1 billion and more than $700 million raised in venture capital, what is the four-letter company that offers business credit cards to technology companies and brands itself as "the financial OS for the next generation of business"?

Previous Answer: Brex

Brex Inc is an American financial service and technology company based in San Francisco, California. Brex offers business credit cards and cash management accounts to technology companies. Brex cards are business charge cards, which require at least $50,000 in a bank account if professionally invested, if not with $100,000 to open, and cardholders who default won't damage their personal credit or assets. Emigrant Bank issues the Brex cards.

News

How to analyze and fix traffic drops: A 7-step framework

How to Build a Successful Blog Content Strategy from Scratch

Drones and ‘Game Film’: Inside Chick-fil-A’s Quest to Make Fast Food Faster

The blogger who helped spark Nvidia’s $600 billion stock collapse and a panic in Silicon Valley

Why "Doing Less" Is The Key To Scaling Your Small Business These Next 6 Months

Google search trends every restaurant needs to know in 2025

Outsmart Your Competition: Bigger, better-funded rivals will never see it coming

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