Although a lot of people are familiar with the term “Business Plan,” many of us don’t know how to write one that will stand out from the rest. What is the winning formula? What will make your plan different? Here are some quick tips to help you create the perfect business plan
- Research is the Key: The importance of research for writing the perfect business plan cannot be emphasised enough. It is advised to spend twice as much time researching, thinking and evaluating your options before actually putting pen to paper. Spend an ample amount of time researching and analysing your market, products or services, competition and last but not the least your company.
- Say “No” to unverifiable information: Often while research you will come across information online that may appear appealing. However, one of the key things to remember is not all information may be correct. Always verify the information before using it in your business plan as any misleading data may seriously hamper the credibility of your plan.
- A focused Executive Summary: Although written last, executive appears at the beginning and is the most critical component of your plan. Without a focused and well-written executive summary, your readers will not be enticed to read on.
- Your Management Team: The people of your business make all the difference. Outline the strengths and expertise of your management and address every required management function. Identify those who will be responsible and explain their respective responsibilities.
- Finance is everything: Last but definitely not the least are the financial forecasts of your business. Be sure to include at least three years of financial forecast including income statement, balance sheet and cash flow statement. These forecasts will allow you to analyse the future of your business and help you to keep on track in years to come.