| Whether you are in the process of setting up | | | | along with strategies for successfully |
| a new business from scratch, or running an | | | | overcoming the competition. Finances: The |
| existing one, the business plan is an | | | | financial requirements of the company, for |
| important document that sets out the course | | | | the forthcoming year, or years, and how the |
| of the business in the months, or years, to | | | | company proposes to raise these funds, should |
| come. Formulating a business plan requires | | | | be explained in this section. Important |
| clear thinking, and the translation of those | | | | financial data and projections should be |
| thoughts into a plan of action that is | | | | dealt with in detail. Operations: The |
| committed to paper, in a clear and logical | | | | facilities, systems, or processes that the |
| fashion. The objectives, strategies and | | | | business uses, and proposes to improve upon, |
| financial commitments needed, for the | | | | are dealt with here. Writing the Business |
| progress of a company, should be spelt out | | | | Plan Before you start writing the business |
| clearly, so the business plan document, | | | | plan, you should have the following |
| itself, serves as a decision making tool for | | | | information at your fingertips: |
| the management of that company. Business Plan | | | | |
| Format The business plan document serves | | | | - Details about the competition |
| several functions, one of which may be the | | | | |
| securing of external funding for the | | | | - Who is likely to be your audience, and what |
| business. There is no exact format for a | | | | they might be looking for in the document |
| business plan that will suit all | | | | |
| requirements, but there are certain topics | | | | - Evidence to back up your claims about the |
| that should be included in a well drafted | | | | products or services, facilities, and so on |
| business plan. Executive Summary: This is the | | | | |
| last part of the business plan to be written, | | | | - Details of all financial estimates and |
| but should be placed at the very beginning of | | | | projections |
| the document, as it provides a general | | | | |
| overview of the business plan. The executive | | | | - Clarity at to what will make for successful |
| summary lists the significant points and | | | | implementation of the plan |
| strategies, in brief, and should be written | | | | |
| in language that makes the reader sit up and | | | | - A realistic estimate of available time and |
| take notice. Description: The nature of the | | | | resources |
| business and its activities are described | | | | |
| here, if necessary, including a brief company | | | | - Potential returns for investors. |
| history. For a new business, the objectives | | | | Presentation Appearance: Make sure the |
| of the business, and scope for success, may | | | | business plan is written, and formatted, |
| be spelt out in detail, including details of | | | | professionally. Sub-headings: Provide |
| the available resources, and strategies | | | | appropriately worded sub-headings, allowing |
| proposed. This may need to be especially | | | | readers to quickly skim, and understand the |
| convincing, if external funding is one of the | | | | key points of your document. Be brief: Write |
| key factors upon which the success of the | | | | as briefly, or better, as concisely, as |
| business is dependant. Products and Services: | | | | possible, covering all the important points. |
| A description of the products, or services, | | | | Keep the length of the document to a minimum, |
| offered by a company, and what makes them | | | | obviously depending on the nature, and |
| unique, when compared to the competition, | | | | complexity, of the business. Conclusion A |
| should be included here. The unique selling | | | | business plan is an important document for |
| point of each should be made clear. | | | | any kind of business, irrespective of its |
| Marketing: The target market, and the | | | | nature, or size. It serves as an effective |
| strategies that would be used to draw | | | | management tool and also speaks loudly for |
| customers to your product offerings, should | | | | the capability and credibility of a company, |
| be explained here. The strengths and | | | | when it comes to securing outside investment. |
| weaknesses of competitors may be highlighted, | | | | |