Business Articles

Business Plans

We cannot stress the importance of writing a Business Plan.

A Business Plan is a roadmap of where you want to go with your business, and how you are going to get there.
It can be as detailed as you want it to be, but ideally will cover the following points.

Business Vision
An overall snapshot of how you see your business developing

Analysis
External - about the marketplace and where you wish to position yourself
Internal - strengths and weaknesses

Marketing Strategy
How will you market your product/service
Do you have a marketing budget?

Finance and Resources
To outline how your business will be funded, and what resources you will use

Profit Forecasts
How much money do you expect to make?
Your projected costs for the year should also be included in these figures.

Biography of Partners and/or key clients
Investors will judge an application for finance on both the details included about the partners and the key clients
Summarise your strengths and also your weaknesses. If you are looking for other partners, the information provided here may help determine the qualities required.

Summary
A 2 - 3 paragraph summary of your business plan - often the first place an investor will look when assessing your business plan.

Exit Strategy
All business plans should include an exit strategy.
Are you building up your business for long term employment, or to sell at a later date?

Business Plans are dynamic, and should not be written and filed in the bottom drawer, never to be seen again.
They should be reviewed and updated at least 6 monthly.

For more information or to purchase sample business plans please visit



Do you have  a section in your business plan that we have not listed above?
If so, please send details to contribute@thisisyourbusiness.com

 

 

All articles reproduced with permission from This Is Your Business