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Title: Business plans Post by: Shawn Tracer on February 14, 2008, 04:51:19 PM Developing your Plan A business plan is a major contributor to the success of a company. A good Business Plan (BP) allows a start-up company to examine the viability of the business and helps to determine how to attain business goals. Existing businesses also benefit in a variety of ways. By stopping to revaluate the business, existing strengths and weaknesses are identified and planned for.. As well, financial institutions and investors require a business plan in order to secure funding. Why Create a Business Plan? It allows existing businesses the opportunity to identify their strengths and weaknesses and plan for future success. Business plans serve multiple purposes: Business Plan as a Road Map By taking that step back, you see the big picture more easily. A plan is not just used at the start up, but also is a helpful touchstone to remain on plan while continuing to develop the business. Feasibility The validity of the underlying business idea is illustrated through the business plan. It helps to determine whether the venture will be profitable; what if any funding will be needed; and what will be the roadblocks to overcome. Know your Business - Better! The business plan is not just for outsiders, it should be used internally as a guide, or rather a plan for your business. This will help you to achieve the goals you have established for your venture. Sales Tool The business plan will be required to sell your idea to potential investors, lenders, and management. It provides a useful way of explaining your business to existing or potential colleagues, staff and business partners. It provides legitimacy with other parties too, such as landlords. First Steps a) List your audience, goals, and the time line you expect to achieve these in b) Competitor analysis, and industry market size c) Organize the information d) Write the plan, edit it again and again, and then get it spell checked professionally |