Business Plans
You will be surprised as to how many sources of advice there is out there so spend some time hunting them down.
Follow a Framework
Having a framework or outline to follow can make the task of writing a Business Plan so much easier. The 3 parts to your Plan are:
Where you are now
Where you intend to be
How you are going to get there
This is your framework which will guide both you and the reader through your business and your idea.
Tell the Reader Where You Are Now
In your first section you want to paint a picture of where your business is now. These are the main areas to cover:
Business history
Location and premises
Your product or service
Your market
Your customers
Your competition
Your staff
Equipment
Provide an insight into each part of your business so that the reader of your Plan knows how the business looks now. Obviously if you are just starting up provide an idea of how you see these aspects of your business once you get going.
Tell the Reader Where You Intend To Be
Having given an overview of your business, the next step is to tell them where you want to be. The main points to cover are:
Your objectives and goals
State what you want from the reader – a loan or overdraft for example
Explain why you need and what it will be used for
Tell the Reader How You Are Going To Get There
It’s all very well promoting your idea and business but the important point to put over is how you are going to get there. Here are the key points to cover:
Marketing plan
Additional resources needed to meet your objectives and goals
Your contribution in terms of cash or equipment
Security you can offer to support a request for finance
Profit and loss and cash flow forecast to show that you plan to make money and that you can pay back the loan
If you are able to see how the staff in similar businesses interact with customers, how the marketing is done, and generally assessing what works and what doesn’t.
Provide Some Supporting Information and Evidence
Your Plan will have contained a lot of information, so it is helpful to include supporting documentation to provide more background. Placing these additional items as an appendix ensures that the flow of the Plan has not been affected by additional information.
What sort of items could you include?
Letter of support from your Accountant
Confirmation of pending orders from customers
If you are purchasing a property, you could include the sales particulars
Ask Someone to Review It
When you are totally immersed in a task you can easily miss obvious mistakes. Ask someone to review your Plan to ensure there are no spelling or grammatical errors – don’t rely on Spell Check! Does it all make sense? Have you been logical in your arguments?
Get the Presentation Right
After having spent a lot of time and effort on the content you don’t want to spoil it all with poor presentation! Here are some tips:
Get the Plan typed; it will make it look more professional
Make sure all the papers are clean and that there are no dirt marks or coffee stains! Buy some good quality paper
Purchase a classy folder or binder to put your Plan in (paper clips or staples may not portray the right image!)
Don’t forget to include all your contact details
So that’s it! Follow these simple steps and you’ll quickly have your Business Plan written and ready to go
Questions and Answers
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