Quiz by: SLE
Starting a business? Then you'll need a plan, a road map. Taking you on the straightest, fastest route to where you want to go. Your business plan will include six sections and will help you think through your business idea, making sure you've covered all the angles and eventualities, before you set off.
The first section is the executive summary. Presenting an overview of your business. This section is vital as many investors make judgments about your business based on it alone! A great tip is to leave this section until last to write. Once you've written the others, you will find it easier to do, as it will be a summary of the key points you make in other sections. So start with your business details, provide a short description of who you are, what you plan to sell, why and to whom. Include the location of your business, identify key employees and any other qualities that make your business stand out.
Now, enter your marketing and sales strategy. Show that you've done your homework, that you understand your target market. Outline why you think people will buy what you want to sell and detail how you plan to sell to them.
Then add in your management team and personnel. People reading you plan need to believe and have trust in the management of your business. So outline your credentials and the people you plan to recruit.
Then detail your set-up, explaining what facilities your business will have, from your premises to management information system and IT. And explain how it will deliver the product or service to the customer.
Lastly, list your financial plan and projections. This part translates everything you have said in the previous sections into numbers. It will tell you whether the business will be worthwhile or whether you're wasting your time and/or money.
Your business plan will change as your business grows. It’ll help keep you focused, so you'll know where you are and where you're supposed to be. So that you can correct your course as needed.
Here are our five top tips: keep it brief: if it takes too long to write, it will take too long to read! Get rid of the fluff: cut the waffle and just get to the point!
Be realistic: be honest, and note all the challenges facing your business…
- Road map
- set off
- keep it brief
- Get rid of
- cut the waffle
- get to the point