Write A Business Plan For Success

By implementing known variables and parameters in business management, programmers were able to create a process flowchart that accommodates information such as product nature, target users, market factors, financial requirements, etc. to be organized into a business plan. Ultimately however, there is a limit to these automated processes. The human touch really needs to be added in order to make a business plan reliable.

What are the things you need to include in a sound business plan?

To begin with you should have a solid vision for your business or company. Your business plan needs to states the fundamental purpose of your existence and what you want to achieve, or what are your long-term goals. A vision is a statement qualifying the future direction of your business, summarizing the key purpose, ethics and direction of your business in a short descriptive written piece. Next you should look at where your business profile is. This document defines your business in detail, what it does, what it offers, how your business plans to do things. This profile should include a description of the market segment you have identified as your main focus or target.

Following on from these initial strategic documents you will then need to build your business marketing plan. The marketing plan outlines a scenario of how products will move from the production point to the end user. This plan should also seek to expand the business market identifying unique and valuable prospects for selling and developing the business products and services. The business participants are the next important feature in the business plan. Include a basic rundown of participants qualifications and unique competencies of your staff, including you, their different functions, as well as their individual position descriptions.

Finally implement a judgment of economic environment into your business planning. This will outline and describe the nature of the economic environment in which your business will be operating, and should include elements such as regulation policies, taxes, population, natural resources, data flow, etc. Along with this do a brief cash flow assessment. Knowing the projected capital requirements, cash flow and expected revenues for a given period, normally one year ensure that you can monitor your business progress. Creating simulated scenarios, each with its own cash flow assessment, will ensure that you have provided contingencies if something goes wrong as the business proceeds.

How to begin preparing a business plan

o Draft a basic concept about the business.

o Do a feasibility study and gather data related to the specifics identified in concept of the business.

o Refine the business concept using the data collected in the feasibility study.

o Further specify the business concept. Answer every What, Why, Where, When, Who and How question that may arise about your concept.

o Polish your plan. It should float valuable insights and bring focus to the objectives you have set on the business. All important information should be incorporated in the plans outline

o Verify your plan with sample plans. There are many sample plans downloadable from the internet. Comparing it with an automated business plan of the same nature of business would be useful to check its comprehensiveness.

Finally, do not underestimate the value of business planning, as the saying goes most people do not plan to fail they fail to plan. Even if you have all the leeway in the world available and plenty of startup capital, a business that relies on gut feeling and so called sixth sense alone risks failure, and is unlike to be a business that is running optimally.

By implementing known variables and parameters in business management, programmers were able to create a procedure flow diagram that accommodates info such as product nature, mark users, grocery factors, financial requirements, etc. to be unionised into a business plan. Ultimately however, there is a limit to these automated processes. The human touch really needs to be added in order to make a business plan reliable.

What are the things you need to include in a sound business plan?

To begin with you should have a solid vision for your job or company. Your business plan needs to states the fundamental frequency use of your existence and what you want to achieve, or what are your long-term goals. A vision is a affirmation pass the future tense direction of your business, summarizing the key purpose, ethics and direction of your concern in a short descriptive written piece. Next you should look at where your business profile is. This document defines your business in detail, what it does, what it offers, how your business plans to do things. This profile should include a verbal description of the market segment you have identified as your main focus or target.

Following on from these initial strategic documents you will then need to build your business marketing plan. The merchandising plan outlines a scenario of how products will move from the production point to the end user. This plan should also seek to extend the occupation market identifying unique and valuable prospects for selling and developing the business products and services. The business participants are the next important characteristic in the business plan. Include a basic rundown of participants qualifications and unique competencies of your staff, including you, their another(a) functions, as well as their person post descriptions.

Finally implement a judgement of economic environment into your business planning. This will schema and describe the nature of the economic surroundings in which your business will be operating, and should include elements such as regulation policies, taxes, population, born resources, data flow, etc. Along with this do a brief cash flow assessment. Knowing the projected capital requirements, cash flow and likely revenues for a given period, commonly one year ensure that you can monitor your patronage progress. Creating simulated scenarios, each with its own cash flow assessment, will control that you have provided contingencies if something goes wrong as the business proceeds.

How to begin preparing a business plan

o Draft a basic concept about the business.

o Do a feasibleness study and tuck data related to the specifics identified in construct of the business.

o Refine the business organization concept using the data collected in the feasibility study.

o farther specify the business concept. Answer every What, Why, Where, When, Who and How question that may arise about your concept.

o Polish your plan. It should float of value insights and bring focus to the objectives you have set on the business. All important information should be incorporated in the plans outline

o avow your plan with sampling plans. There are many sample plans downloadable from the internet. Comparison it with an automated patronage plan of the same nature of business organisation would be valuable to check its comprehensiveness.

Finally, do not underestimate the value of business planning, as the expression goes most masses do not plan to fail they fail to plan. Even if you have all the leeway in the world useable and plenty of startup capital, a business that relies on gut feeling and so called sixth sense alone risks failure, and is unlike to be a business that is running optimally.

How To Organize A Business Plan

When you are involved with a business it is important that you have a clear direction and that your business has a plan of attack. The business plan is a document that will outline a number of key areas that your business will need to consider to achieve success.

The business plan will identify your businesses goals, and look at how you can successfully implement processes and procedures to obtain those goals. This will draw on a range of business areas, including accounting, HR, marketing and operations.

How you progress with your business plan can be unique as your business; however the key areas that are usually developed for a business plan are as follows.

o Your organizations background
o Management structure and plans for your business
o Organisational marketing plan
o Operations planning
o Financial planning of the business
o Goals and actions to take with the business

Once you have understood these areas are ready to move forward with your business plan then you can consider how to structure it. This is a straightforward process. For those who are great at the ideas generation, but tend to get stuck on the nitty gritty details, a business template is the perfect option for you.

A template for your business plan will outline the priority information that is required, and whilst you can pay someone to do this for you, there are a number of free templates available. Try doing a quick search of the net and plenty of options come up.

Typically your business focus will dictate the precise contents of your business plan, but getting a basic feel for what is required goes hand in hand with the production of a concise plan, tailored just for your business.

The contents page of your business plan may read something like this.

o Executive Summary
o Organisational Goals
o Management Plan
o Research and Analysis on Target Market
o Marketing Plan
o Operational Planning
o Financial Organisation
o Progress Plans

One of the key areas that you will cover in your business plan is the Executive Summary. Again this can be as individual as your business, but it will need to focus on decisions that need to be made by your organization, and sell the reasons for approval of that course of action.

The final thing that you will need to consider with your business plan is who your target audience is. If you are a large corporation with a number of external stakeholders, such as shareholders and board members, then you will need to prepare your business plan to reflect this. A business plan that targets this audience will often be detailed in its financial analysis and its progress reporting.

If you are a smaller business, or you are self employed then your business plan most likely serves a different purpose. Most likely your business plan is focused on distribution to internal stakeholders. This being the case you will want your plan to focus on goals and progress that needs to be made by the key individuals or departments in the company. An example of this is the strategic business plan, which states internal targets for the organisation, as well as giving information about how to reach the goals laid out in the strategic planning.

Whatever you organisation is involved in, a business plan is a vital document. Even in its simplest form, there is no doubt that having a set of guidelines and goals is a key to ensuring success and progression in your chosen field of business.

Business Plan Template And Tips

In this note, I want to share my learning on business plans with you. Because I am involved in Venture Capital and Private Equity, I get a lot of business plans. And going by the number of proposals we reviewed or prepared in the last one year, the global economy is doing great! A lot of individual professionals have opened their own companies, and many companies are looking to grow with global demand for their products/services.

The physical location of people is getting less relevant in many industries. The Internet is playing a role in every business plan, across industries: Software Services, Financial services, Media, Healthcare, Caf and Retail chains, etc.

One of the most common questions I see is this: How should my business plan look like?

Well, that depends on what your business aims to do, and who you want to approach for capital. While there is no one answer to it, I want to share a good business plan template that has been used with success. You can download it from the link on this page. http://alphaneuron.com/blog/business-plan-template-development-and-review/

From our business plan reviews, I also see a common mistake many people are making there is a lot of emphasis on how much money is needed and what kind of sales will happen, etc. But there is insufficient information and analysis on the market in which you want to play and the differentiators with respect to competition, and therefore, what makes you think that you will win the sales that you show in your plan. Also, none or very little information is shared on the systems/processes in place for the business to run if you were to go down for some reason. These are important parts of a business plan. And we hope the template we have shared above will help you. Ideally, 20-25 slides are good for any business plan, including references and supporting data.

So please keep the following in mind if you are going to develop a business plan:

1. The purpose is to convince the investor that your plan is practical and that there is a good chance for success.

2. If you send your plan to every VC and investor around, your effort will be high, and also your rejection rate. Therefore, first connect with prospective VCs and check if they are interested at all in what you are proposing. It is often more productive to send customized mails to 20 VCs than the same mail to 200.

3. Be willing to face a lot of NOs. Be ready to start things small with alternate funding arrangements. If you will start only if VC money is available, then your plan is weak.

4. Show options at key decision points, so that different possibilities are visible. For example, what if the demand turns our to be only 50% of what you planned? Or what if it is 200% of what you planned? What if you go down with illness? What if a large company creates similar product? Identify real-life risks and show options for them. This will be received well because many VCs often start from the business risks.

5. There are many useful inputs available on the blog here that you can use while making your business plan

The Ecommerce Business Plan – A Plan Of Action

Ecommerce Business Plan

This is where the online business venture begins.The ecommerce business plan is a plan of action, without which nothing of real value can ever be achieved. The ecommerce business plan will cover a number of features from the design of the web site to the fulfillment service methods; each of these features should be the best available with a heavy bias towards the customer. The product, around which the whole ecommerce business plan will revolve, will have to fulfill certain criteria in order to make the online venture a success. These are:

Homogeneity the product, though obtained from different suppliers/sources will have to be of a homogenous quality and dimensions. Whether it is a mobile set or a book the item should be favorably comparable to the ones that are bought elsewhere.

Ability to ship the product before you launch your online venture you should find out whether the product can be shipped easily. This is will a daunting task if the product is bulky or very fragile. If the customer cannot get the product quickly and in tact, you will loose repeat customers and word of mouth advertising.

Cost of delivery in similar manner heavier items will cost more to deliver to the door step than lightweight items. The cost of delivery is an important factor that decides the customer uses when deciding whether or not to buy an item. Hence, keep this cost as low as possible.

Cost of the product many customers are attracted to the online shopping because they get many of their favorite products at a much lower cost than in the real- shops. You need to keep the cost at least 10 percent less than what is available in the brick-and-mortar market.

Availability do you plan to have a good stock of the product that you propose to sell or do you have a good tie-up with some supplier(s) which can provide you with the product on the spot. If the product is not available easily to the customer after the payment is processed you will have a very unhappy customer.

Target market think whether you need to address the needs of a certain age group, geographical area, or it is to be available for all people, all over the world.

Payment options what type of payment options you are offering will greatly influence the sale of your product.

All these and more will have to be taken care of right at the beginning; at the stage where the ecommerce business plan is completed.

3-steps To A Successful Internet Home Based Business

Home Every day people venture into cyberspace with hopes of starting an Internet Home Business. Unfortunately many do so without having a proper plan in place. Although they have the greatest intentions, they fumble their way through the maze of Internet Home Business Opportunities. This is ultimately a plan for failure.

I encourage you to set out a plan for yourself before you plunk down your hard earned money on a work from home opportunity.

Follow these simple steps before setting out to build your online empire:

1. First determine what it is you want to accomplish on the internet.
* Do you have a product of your own that you want to sell?
* Do you want to be an info-preneur and publish an informational
website where people can get good quality content?
* Or do you want to begin your online venture marketing someone else’s products?

Although this information may seem basic and rudimentary you would be surprised at how many people never put any thought into this and just go out and purchase the first rags to riches work from home opportunity they find. Do not make this fatal mistake you will surely end up in an endless loop going from one online program to the next looking for that magic formula to set you free from your day job. Believe me when I say it does not exist.

So make a decision for which path you want to follow and then seek out more information on that specific type of enterprise.

If you decide to that you want to venture into selling someone else’s products I recommend you look into affiliate programs. this is how I got my start in working from home.

2. Get educated. This is probably the single most powerful thing you can do to help ensure your success. Arm yourself with knowledge which will enable you to get a jump start with your internet home business. Below are some areas I highly suggest you gain further insight on.

Basic HTML programming. Now hold on don’t get scared off by what you just read! I mean let’s look into this a little further. Basic HTML does not mean you need to go out and learn how to become a Java Script guru or anything of that nature. Basic HTML is just like it sounds BASIC. It’s actually very easy to use and to learn. For example if you want to say bold some text in a sentence all you have to do is surround the text that you want to affect with a TAG. So this is how the code would look “b” like this “/b” only you would replace the brackets quotes with less then and greater than symbols and yes you see that correctly there is a slash in front of the last b. That is called a closing tag and tells the code that is where you want to end bolding. Now you can grab free information from all over the internet, so I am not going to list them all here but lookinto books like HTML for dummies. It is a real good resource for someone who is just starting out. This information will prove invaluable as you start to develop your site. And it will be a good reference for additional sites you may build.

The next area of education that I also highly recommend is Internet Marketing. This is where you learn how to get your internet home business website noticed on the world wide web. This will cover things like Search Engine Optimization or SEO for short, Link Pages, and Blogging etc. Now there are hundreds of programs out there that offer pie in the sky success results but be weary. Do your due diligence and research the company and product they are offering. Check the Better Business Bureau and see if they live up to their refund policy in the event the information is not all that it is cracked up to be. This is where people get caught in an endless loop. They jump form program to program because they do not fully understand a marketing concept or the truth about how specific concept is really supposed to work. So they are always looking for the next program that will give them that key or results they are looking for. But not you! You will not fall into this trap because you are arming yourself with the information you need to make educated decisions to help ensure your success.

If you are seeking more detailed information or have questions you want to get answers to forums specializing in Internet Marketing are a great resource.

Your education process will continue well after you start venturing into the online market place. Those who remain successful on the internet are those who continue to learn and evolve.

So now you know what type of venture you are going to pursue. You have educated yourself on how to create or modify your home business website and you have learned how to effectively market your internet home business so you can start getting customers.

So what’s next?

3. A Business Plan: This is what set’s you apart from the rest. An internet home business plan will describe how you intend to operate your business. It essentially tells others how you expect to get from where you are to where you wanna go.

Now do you absolutely have to have a business plan to succeed? No you don’t but it will certainly help you. Think of it this way. This little piece of paper will describe what type of venture you will pursue, how you plan on delivering your product, how you plan to market your product, your target market etc. In a nutshell, the business plan should clearly explain the what, why, when, who and how of your internet business. It should be a comprehensive explanation of the opportunity, the people involved, the money required to implement the plan, where it will come from and what financial results the opportunity is likely to produce. A business plan is a guideline that allows you to organize yourself and set a path about how you plan on achieving your goals instead of just going about it haphazardly.

Will your plan change as you set out on your venture? You bet! And that’s the beauty of it. It’s your plan. But we all no the famous saying failing to plan is a plan to fail. So even if it does change as your business grows get one started now.

There are sample business plan documents all over the web. Just go grab one and modify it to fit your needs then put it in to action.

That’s it now the rest is up to you. If the above information has made you think to yourself “man there is some real work involved with this internet stuff” then I have done my job in giving you the facts. So if you are a person who is easily scared off by using a little elbow grease to get what you want out of life this is not for you.

But if you are willing to do a little work and put in some time to make it work then the internet can provide you an opportunity like no other and give you the ability to work from home as often or as little as you like.

Characteristics Of A Good Business Plan

A business plan like any other write – up can either be good or bad. And if you want to know the difference of a good business plan from something that can be mediocre or even bad, then read on. But first off, let us start with giving everybody an idea of what a business plan is.

As implied, a business plan is a document that specifies and discusses the following:

  • The company’s nature and identity
  • Your objectives and the purpose of your existence in the world of consumers and entrepreneurs.
  • The products you sell and offer
  • Your marketing strategies
  • The goals that you plan to achieve
  • Your niche – the market that you plan to conquer
  • Your plans for the business’ future
  • And of course your financial standing prior to starting

By having all those information, you can see that a business plan is very much like a blueprint that will help you or anyone start and manage a business regardless of its nature.

Now that you realize its importance, the next thing that you should start working on is learning how to make one. But before you have the urge to get your computer going and start writing, here are the qualities of a good business plan that you have to keep in mind.

  • A business plan should be detailed. In listing your products and services for example, you should not really stop by just enumerating them. You also should write down the descriptions and scope of your products and services, touch base on production and identify means on how you can market your “brain – child” to your targeted niche.It should include a market research that identifies your competitors, their share of the market and the range of the products they produce. By learning how they conduct their operations, you may learn tricks of the trade in the business you want to enter and you also get to have a basis on what you can do to excel.
  • It needs to have a list of everything you need. Note that the word everything here comprises of the equipment, technology, raw materials, financial and other resources that you may need when starting and running your business venture. Having all these listed will give you an idea on how much capital you need before you start and how much money should you make in a day to make your business survive.
  • It also needs to be written in formal format and style. You have to remember that a business plan is something that you may have to present to your business partners, financial firms and banks. So if you can, refrain from using slang in any part of your plan.
  • Finally, a business plan should be error – free. This is important because your business plan defines who you are as a business person. If it turned out sloppy, then that does not speak too highly of you.

Again those are five characteristics of a good business plan. Now that you know of them, you can start your research and start drafting your write – up.

Restaurant Business Plan

Restaurant Business PlanThe development of a Japanese restaurant as relates to producing a business plan for this to the company also securing as being leveled. Japanese restaurants tend to be relatively immune from negative changes in the economy and the moderate pricing point to associate with these big businesses. As such, the high margins generated by the business, coupled with the large amount of tangible assets associated with the business values businesses to remain possible despite negative changes in the economy.

As with all business plans, we first start with producing an executive summary for our Japanese restaurant. First, you’re going to want to discuss the specific types of products that you sell your Japanese restaurant. Common products sold through these businesses include sushi, sashimi, and beverage services. Additionally, you may want to make mention as to whether or not you obtain liquor license as it pertains to providing specialty cocktails for your customers.

Next, you’re going to want to discuss your Japanese restaurant SBA loan. Here, you should discuss how much money you’re seeking, anticipated interest rate, the anticipated monthly repayment rate, and the term below. You also going to want to make mention of how much money you intend to contribute to the development of your Japanese restaurant. Here, again, you may also want to briefly discuss how you intend to use these SBA loan funds, however, you can keep this section relatively brief as you will be further discussing this in the next section the business plan.

Next, you’re going to want to discuss your experience as an entrepreneur, as a restaurant manager, and how you intend to make a Japanese restaurant profitable within the first year to two years of operation. You may also want to provide some background information as relates to education, experience as an entrepreneur, in your experience within the restaurant industry.

Next, you’re going to provide a brief overview of the anticipated profit and loss statements as it relates to the first five years of operation. You should showcase you were revenues, costs of goods sold, operating expenses, and that prophet shall be associated with your business on an ongoing basis. You can provide a small craft workable that showcases this very easily to meet you more SBA loan banker.

Finally, within the executive summary, you’re going to want to focus substantially on how you intend to expand revenues during the first five years of operation. This may include just reading a number of flyers, expanding your marketing infrastructure, and potentially developing second locations after the first five years of operation.

SBA Loans for Japanese Restaurants

In the second section of the business plan, you’re going to want to specifically discuss how you intend to use your SBA loan as it relates to the development of your Japanese restaurant. Here, you’re going to want to provide a complete breakdown of the costs related to restaurant development, kitchen equipment, archers, fixtures, up living, working capital, and marketing capital that is associated with the development of your Japanese restaurant. Here, again, you may also want to discuss how much money you intend to contribute to the venture as it relates to your Japanese themed restaurant.

Very prominent within this section of the business plan is also a discussion relating to invest in equity, management equity, decomposition of your Board of Directors, and the appropriate exit shredded you that you will use should you decide to sell the business to a third party. As it relates to an exit strategy, you may want to discuss how you intend to work with a qualified business broker that can sell the company under the half should you decide that it is financially prudent to do so.

Japanese Restaurant Products and Services

In the third section the business plan, you’re going to want to discuss the operations and cozying that is served by the Japanese restaurant. This includes, again, discussing the sushi, sushi eating, alcoholic beverages, general beverages, and other products that are normally associate with Japanese restaurants. You should make this section of your business plan approximately 2 pages 24 pages in length which provides an overview not only of the size of your restaurant but also the procedures and protocols are used as it pertains to your business operations.

Japanese Restaurant Industry Analysis

The next section of the business plan, you will with a focus on the Japanese restaurant industry analysis. First, you’re going to want to discuss the economy and how an economic recession can impact the revenues of your Japanese restaurant. Typically, this type of food is relatively expenses and an economic recession may impact the way that these businesses are able to generate revenues. However, as it relates to developing a SBA loan application, you should thoroughly shreds the high gross margins that you’ll receive as it relates to your restaurant operations.

Next, you’re going to want to provide an in-depth analysis as it relates to Japanese restaurants. Here, you’re going to want to discuss the restaurant industry analysis, the number of Japanese restaurants within the United States, in the revenues generated by Japanese restaurants, the number of people employed by the industry, and the payrolls paid to employees hired by Japanese restaurants, market trends, and all their issues that may involve operating a Japanese restaurant.

At the time of this writing, there are no late individual market trends were pieces of legislation that impact the way that Japanese restaurants conduct business.

Next, you’re going to want to focus significantly on the demographic analysis associated with your Japanese restaurant. This includes providing a full scale demographic analysis as a relates to the number of people in your target market, and household income, even when family income, the number of people interested it been dining at Japanese restaurants, market trends, and other pieces of information that relate to the local market. Here, you may also want to discuss how much an individual is willing to pay as it relates to eating at your Japanese restaurant.

Finally, you’re going to want to focus substantially on the competition that your face as you operate your Japanese restaurant. This includes listing the number of Japanese restaurants within your local market, the pricing points associated with the cuisine that you’re selling within your local market, and how you intend to effectively differentiate yourself from other Japanese restaurants that operate within your area. This is an extremely important aspect of your business plan if you are applying for a SBA loan.

Japanese Marketing Plan

Next, we come to the Japanese restaurant marketing plan. Here, you’ll first want to focus on how you intend to develop a highly visible retail location for your Japanese restaurant. This is one of the most important aspects when looking to become successful as a restaurant for.

Second, you’re going to want to thoroughly discuss how you intend to distribute flyers, coupons, and other pieces of print media that will attract a large number of people to the restaurant during your grand opening.. Finally, you may want to focused significantly on how you intend to develop an Internet-based website where individual users can provide reviews on third-party websites as relates to the operations of your Japanese restaurant.

Also, within this section, is that you are able to provide an overview as it relates to the pricing your products that are sold throughout your Japanese restaurant.

Japanese Restaurant Financial Plan

Finally, we come to the Japanese restaurant financial plan. Here, you’re going to want to have a well-developed financial plan, a well developed balance sheet, profit and loss statement, cash flow analysis, breakeven analysis, business ratios page, and general assumptions discussion as it relates to your Japanese restaurant financial plan. As we have mentioned many times before, if you are unable to effectively provide this financial statement on your own and then we strongly recommend that you hire a qualified certified public accountant, financial advisor, where tax attorney that can assist you in developing this aspect of your business plan and your SBA loan application.

3 Golden Erotic Vacation Rules

When we are planning for an escort vacation, it is our hope to reap maximum benefits. The attainment of erotic vacation goals depends on the plans that we have as well as the investments that a person is willing to make during the vacation. In this article, 3 golden rules to escort vacation are discussed. An adherence to the rules ensures that a person maintained the energy thereby have a fulfilling vacation. The 3 golden rules include:

1. Immersing oneself in the new culture

It is important to understand that new escort vacation destinations give an opportunity to explore new culture. For the best result, a person should get immersed in the new culture. Being adventurous is recommended because it aids in making the vacation a memorable one. It is a good idea to interact with the local citizens of the holiday destination. Enjoy the new food, eating habits and the modes of dressing. You may also need to take photos with the persons that you meet.

2. Eat healthy food

Good health will enhance your sex vacation experience. Avoid the consumption of food that may make you sick, as it will destroy the vacation mood. Even though it is a good idea to try out new foods, ensure that they are safe. Don’t forget to carry your favorite food and drinks to, as it will make your day if the new foods are not pleasant.

3. Be physically active

Physical activity is recommended and this can be achieved through hiking, rock climbing, jogging and participating in other physical activities while you are on an erotic vacation. Physical activity promotes bodily activities such as digestion and metabolism. Above all, it will make you feel great, which is important for every vacation enthusiast.

With these golden rules, any person will be sure to have a fulfilling vacation. Encourage your family members and partners to abide by these rules too.

Factors to Consider When Preparing a Business Plan

Factors to Consider When Preparing a Business PlanMany businesses only create a business plan simply to gain financing. After they have been granted the loan, they then file their business plan away in a file cabinet and forget all about it. In actuality, a business plan is a document which all companies should keep updated as they grow. These types of documents can serve a number of functions besides persuading creditors.

Before crafting a business plan, all companies should consider the following factors suggested by Black Enterprise: Guide to Starting Your Own Business.

Factors to Consider When Preparing a Business Plan

Target audience

Who do you intend to have read your business plan? Defining your audience will give you a better idea of how your plan should be structured.

Company type

Business plans will differentiate from company to company. Take into account if you are providing consumers with a service, good, or both.

Customer

Define how you will reach your customers. Will your business have a storefront or will you offer products through mail order, distributors, or wholesalers? A business plan should indicate how you will attract potential customers along with reasons why they should buy products from you instead of from your competitors.

Resources

Gather a lot of information about your business and industry. Everything from personal resumes to financial statements will need to be included.

Your timetable

Create a five year plan and schedule frequent updates and revisions.

Professional consultation

Do not surrender all of the responsibility of preparing your business plan to someone else, but it is suggested to seek some expert advice (especially when it comes to preparing the financial section of the document).

Organizing A Business Plan

Organizing A Business PlanWhen you are involved with a business it is important that you have a clear direction and that your business has a plan of attack. The business plan is a document that will outline a number of key areas that your business will need to consider to achieve success.

The business plan will identify your businesses goals, and look at how you can successfully implement processes and procedures to obtain those goals. This will draw on a range of business areas, including accounting, HR, marketing and operations.

How you progress with your business plan can be unique as your business; however the key areas that are usually developed for a business plan are as follows.

  • Your organizations background
  • Management structure and plans for your business
  • Organizational marketing plan
  • Operations planning
  • Financial planning of the business
  • Goals and actions to take with the business

Once you have understood these areas are ready to move forward with your business plan then you can consider how to structure it. This is a straightforward process. For those who are great at the ideas generation, but tend to get stuck on the nitty gritty details, a business template is the perfect option for you.

A template for your business plan will outline the priority information that is required, and whilst you can pay someone to do this for you, there are a number of free templates available. Try doing a quick search of the net and plenty of options come up.

Typically your business focus will dictate the precise contents of your business plan, but getting a basic feel for what is required goes hand in hand with the production of a concise plan, tailored just for your business.

The contents page of your business plan may read something like this.

  • Executive Summary
  • Organizational Goals
  • Management Plan
  • Research and Analysis on Target Market
  • Marketing Plan
  • Operational Planning
  • Financial Organization
  • Progress Plans

One of the key areas that you will cover in your business plan is the Executive Summary. Again this can be as individual as your business, but it will need to focus on decisions that need to be made by your organization, and sell the reasons for approval of that course of action.

The final thing that you will need to consider with your business plan is who your target audience is. If you are a large corporation with a number of external stakeholders, such as shareholders and board members, then you will need to prepare your business plan to reflect this. A business plan that targets this audience will often be detailed in its financial analysis and its progress reporting.

If you are a smaller business, or you are self employed then your business plan most likely serves a different purpose. Most likely your business plan is focused on distribution to internal stakeholders. This being the case you will want your plan to focus on goals and progress that needs to be made by the key individuals or departments in the company. An example of this is the strategic business plan, which states internal targets for the organization, as well as giving information about how to reach the goals laid out in the strategic planning.

Whatever you organization is involved in, a business plan is a vital document. Even in its simplest form, there is no doubt that having a set of guidelines and goals is a key to ensuring success and progression in your chosen field of business.