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WHAT IS A BUSINESS PLAN?
“Every Business should have a plan.”
A business plan is a written document which describes your Business, your goals and objectives and
it tells us exactly how you are going achieve them.
When we look at writing a Business Plan, many think that its purpose is merely to assist with start-up financing
and to impress potential investors. This is of course one of the reasons but your plan will play a much bigger
part in helping you run and manage your business effectively. It will help you achieve your objectives and goals
and it will keep you focused and guide you through the process. Writing a business plan or putting together
an investor deck allows you to think more clearly about what you’re doing and where you are going. Think of
it as “a roadmap to your SUCCESS.”
The document should detail what you plan to do and how you plan to do it. It should help you define your
strategy and your growth potential and with full financial information.
You need Plan for Success : “Failing to plan is planning to fail.”
How true these words are but in order to succeed you need to ensure that you have thought your ideas
through in great depth and that they are backed up with lots of research. A carefully constructed plan can
ensure that you can make informed decisions concerning your new venture before committing yourself legally
and financially and it can also help you define any flaws or weaknesses and equally good opportunities. Most
business plans (ones which follow the advice of legal experts) include a standard set of elements but layouts
and outlines can vary. It should include a description of the company, the product or service, the market, a
business forecasts, details of the management structure and team and finally a financial analysis.
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Work expands so as to fill the time available for its completion. | Cyril Northcote Parkinson/Parkinson’s Law.