December 18, 2012e
Starting a business? Like it or not you?re going to need a business plan ? whether it?s for the investors, the bank or just your business partners a business plan is necessary to establish a clear direction and refine your concept.
A good business plan can help you stand out from the crowd when it comes to securing finance. It will also provide a solid launch point and a strategic direction for the survival of your business. Without a plan your business has a higher chance of failing. Anticipating challenges, planning for growth and forecasting sales are all pivotal points when it comes to business planning.? All businesses, not just start ups, should be making strategic plans on a regular basis. Without knowing where you want to end up there is no chance of getting there.
Do
1.???????Structure your work
Make sure that your plan has a clear beginning, middle and end. Investors will want to scan your plan and your executive summary which should be at the start needs to be clear, concise and state your key selling points.
Know your Audience
Make sure everyone can understand your plan.? For example, if you are a techie start up make sure that your plan can be understood by those who have little knowledge of experience with your market.
3.???????Be Flexible
Don?t be afraid to change or adapt your plan as you learn more or as time progresses
4.???????Do your Homework
Don?t forget to do your market research. The best business plans will understand their markets, customers, industries and competitors and outline a really clear picture of where they fit in.
5.???????Include Financials
Knowing your market and your product is essential but don?t forget about the fundamentals. A good business is nothing if it?s not viable. Don?t forget to include financial projections which make the case for your business.
Don?t
1.???????Ignore Feedback
Don?t forget to take into account the feedback and input you get from others. It does not have to change your mind about the business but it can impact on how you present your idea or structure your plan
2.???????Get overwhelmed
It can be intimidating trying to get it all down on paper but if you break your plan up into manageable sections you will start to see real progress.
3.???????Be held back by your plan
A business plan will never be fully finished, it?s a living document. Don?t be afraid to adapt and change your plan according to conditions. Don?t wait to do everything until the plan is finished, a good plan is never finished.
4.???????Misspell words or make grammatical errors
First impressions count and you want to make sure you make the right one. There is no excuse for errors in your business plan
5.???????Plagiarize or Copy and Paste
Always customise your goals and objectives and the rest of your plan so that your business plan doesn?t sound standardised. You want a convincing argument!
Source: http://www.bobbykerr.com/your-business-plan/
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