Business Planning

Business Plan
 
The writing of a business plan is so daunting for most people that they do not bother and yet they know how vital a business plan is.
 
Let us make it easier for you.
 
Writing a business plan doesn't have to overwhelm you, even if you've never written one. In fact, writing a business plan is really about knowing the "formula."
 
Done correctly, your business plan will become the backbone of your business, helping your business get off the ground and grow. A business plan can help you get bank loans as well as financial backing from independent investors. That said, most banks require that you submit your business plan along with your loan application. Business plans are also be used to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.
 
A business plan establishes a foundation. Think of your business plan as your company's own charter. It will guide you as your venture grows. Each year you can update your business plan based upon your current situation and where you want to be at the end of the following year.
 
What information to include
 
If you've never written a business plan, you'll be thrilled to know that you don't have to reinvent the wheel. Those interested will expect to see the following:
 
• Executive summary - Write this last. It's just a page or two of highlights.
• Company description - Legal establishment, history, start–up plans, etc.
• Product or service - Describe what you're selling. Focus on customer benefits.
• Market analysis - You need to know your market, customer needs, where they are, how to reach them, etc.
• Strategy and implementation - Be specific. Include management responsibilities with dates and budgets. Make sure you can track results.
• Web plan summary - For e–commerce, include discussion of Web site development costs, operations, sales and marketing strategies.
• Management teams - Describe the organization and the key management members.
• Financial analysis - Make sure to include at the very least your project profit and loss and cash flow tables.
 
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