Writing a business plan is vital, on your road to a new business venture. A common saying is that if you don’t plan, you plan to fail.You will require a business plan for a number of reasons. These include:
The banks usually require a workable business plan from businesses before offering a number of services such overdraft facilities,loans .
Potential investors such as venture capitalists usually request a business plan from the entrepreneur.
A solid , well thought out business plan will act as strategic document for your business , setting out policies, procedures and targets for the business. Although you can structure your business plan as you wish, with time , some expected formats have developed and are like a CV for a new business.
A typical business plan would include sections like:
Executive Summary: This a brief summary of your business, states your objectives and briefly explains why you will succeed. it must command the attention of the reader immediately for credibility must be built from the very first page to the last page of your business plan. This applies to all business plan, whether intended for internal use or to be given to interested 3rd parties.
People and Operations: here you have the opportunity to introduce key personnel to the reader. The people who run the business and produce its output are always key to the success of the business. So , in addition to yourself, introduce experts whose services you have secured or make a statement about the recruitment policy you will pursue to secure the most capable staff.
Products and Services: Write about your products, introduce a few photographs of key , well known products.
Some other very important sections of a full business plan would include Market and Competitor Research, Competitor analysis, Marketing Plan, SWOT Analysis, Key Risk Areas, financial projections and appendix.
Financial projections: Business plan should always include a realistic financial model of the business.
This is the core of your business plan, and if these figures make sense, your business really has a chance. Investors might well spend the a lot of time testing your figures to make sure that they back up your stated intentions and are workable, realistic in the environment your business will be trading in.
Writing a business plan, that is credible, takes time,effort, knowledge and skill. A number of businesses can offer you writing services if you want a professionally produced plan. There are benefits to having your business plan produced by an independent, professional , third party.
You get a dispassionate review of your proposed business venture, the Business plan writer might be able to correct factual errors. The financial models required for a business plan can be quite complex, so getting a professional to handle this can be beneficial.
If you require assistance in writing a business plan or getting a financial projection done, please contact us.