Preparing Business Plan

Preparing Business Plan-79
Start with an overview of your business: Remember that the person reading the plan may not understand your business and its products, services or processes as well as you do, so try to avoid jargon.It's a good idea to get someone who isn't involved in the business - a friend or family member perhaps - to read this section of your plan and make sure they can understand it.Investors and lenders need to have confidence that you personally understand your business plan and are committed to the vision for the business.

Start with an overview of your business: Remember that the person reading the plan may not understand your business and its products, services or processes as well as you do, so try to avoid jargon.

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Your forecasts should run for the next three (or even five) years and their level of sophistication should reflect the sophistication of your business.

However, the first 12 months' forecasts should have the most detail associated with them.

Failing to do this could mean that you and others have unrealistic expectations of what can be achieved and when.

Use this template to create a business plan that outlines your executive summary, your vision, your marketing strategy, how you plan to run your business and how to plan to finance your business.

Download a business plan template Creating and managing a realistic business plan can help you secure finance and funding and measure success.

Potential investors, including banks, may invest in your idea, work with you or lend you money as a result of the strength of your plan.Found at the front of the document, it is the first - and might be the only - part to be read.Your plan might be placed into a 'worth considering' or 'discard' pile by lenders or investors based on this section alone.You should describe the specific activities you intend to use to promote and sell your products and services.Often, it's the weak link in business plans so it's worth spending time on it to make sure it's realistic and achievable.A strong sales and marketing section means you have a clear idea of how you will get your products and services to market.Your plan will need to provide answers to these questions: You may also want to include your personal finances as part of the plan.Your plan should also include: To make sure your business plan has maximum impact, there are a number of points to consider.Keep the plan short - it's more likely to be read if it's a manageable length.Its purpose is to explain the basics of your business in a way that both informs and interests the reader.If, after reading the executive summary, an investor or manager understands what the business is about and is keen to know more, it has done its job.

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