Dec 04

Basic Business Plan

Business, Business Plan Add comments

images5 What is a Business Plan ?
Why do you need a Business Plan ?
Where to start ?

What is a Business Plan ?

Business Planning is not just about producing a report. The work of writing, of thinking things through is as important as the final document.
It’s a tool for understanding how your business is put together. The process will help you learn how to manage your own company more effectively while you become an expert in your industry and business. It creates a framework for you to start and grow your business.
The Business Plan is dynamic. Each Business and its personality are different and the Business Plan should reflect this.

Why do you need a Business Plan ?

Plots a course

  • It helps you think long term – about the big picture, not just about starting a business but staying in business.
  • It assists in keeping you motivated.

Feasibility Study

  • Is your idea viable ?
  • Is your busiess going to be profitable ?
  • Will you require outside financing to start or operate this business ?
  • What are your barriers to success ?

Become a better decision maker

  • It will help you anticipate problems.
  • Gathering information for your plan will increase your knowledge of the industry thereby assisting you in making more informed decisions.
  • Your plan provides an organized way to conduct your investigation.

Reality Check

  • Your plan raises questions that will help inspire solutions before a crisis occurs.
  • It helps you to know what will be required of you as an entrepreneur.
  • By identifying strengths and weaknesses, it reveals where you will need assistance.

Implementation Plan

  • Use the business plan as a guide to keep you focussed and making progress during the business start up phase.

Selling Tool

  • Use the Business Plan to sell your business opportunity to potential investors, employees and suppliers.

Where to start ?

  • Define objectives and potential readers and determine your Action Plan.
  • Prepare a time line.
  • Begin to gather research information.
  • Organize research into business plan components.
  • Write a plan :
    • Know your audience.
    • Use clear vocabulary.
    • Avoid jargon.
    • Clearly identify sections.
    • Quality vs. quantity
    • Know your plan
  • Get help where required.

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