Notes

What exactly Makes a Great Business Plan?
A business plan is generally required for any start up business that is looking to start-up and is looking for some sort of funding, be it bank overdrafts, loans, mortgages, grant funding and so forth It is also necessary while looking for larger funding to expand a business, and maybe to acquire equity investment. There are many sources on the internet that will cover quite a few detail that should be included in a business plan, an one-size fit's all plan if you like. As being a template and supply of ideas this is okay, but rule number one in producing a strategy is "tailor it not only to your audience, but to your specific business and how you will achieve the goals in the plan".

Too many plans revolve around what the potential audience wants: "What do we need to say, and just how do we need to say it to get our hands on those funds? ", this can be a major mistake and may well backfire on you. Sure, you want the funds but not at any cost. Imagine you suit the plan to the reader's needs and then fail to hit targets in 3-4 months time, knowing that you couldn't have met them anyway but needed the funding, what then? Understand what the funder wants from you, and make sure that you simply include all of the relevant core detail they have to help make a decision. But use your business plan as two things, a tool to control your business ongoing and also to help meet those targets you are setting, and as a marketing document that sells your business idea and strengths to your audience. You might only get one chance, make it count new, every time!

A business plan is like a story. Very low start, middle and end. It has a plot, that needs to unfold while watching reader's eyes, taking them on a journey that throws up a host of challenges and shows them how the characters can overcome, and succeed! There is always a happy ending in a business plan, but in the process there are real terrors and dangers which the reader needs to be convinced can be conquered, and at the end they are confident the main characters will be the one's to do it! It is far from a cold and mathematical document... bring it to our lives, make it real. Whether it looks and feels real, then with hard work and the right people it can become real.

The main components of a business plan, and the key solution to approach them, ought to be:

1 . An executive summary: This is where you set the scene and description the 'plot' of your business plan, where you accept the characters to life. Explain why your product or service is so good, why it is unique or better than the next best thing. Tell the reader who the characters are, what makes them so experienced and special they have the mental and technical skills to help make the plan work. Build the confidence, build the belief. Present the figures for cashflow and profit and loss, do it graphically and include a second graph to show a 'what if' scenario. Allow the reader know you may have thought about slow sales, slow cash collection, cost increases, which even in the worst case this is how you are going to see a return on your money!

2 . Aims and objectives: Area reader know what makes you tick, why you are attempting to do this and what you need from it, not just financial. That helps build the confidence in your drive and resilience, but in addition shows how much you've thought about things. The action points in your plan should also drive you down the route towards achieving these aims.

3. Business description: This is a bit more methodical in that you need to describe what you will be doing, but give it a warm feeling that shows your passion for what you do. Inform them what makes your business different, and how you plan to differentiate yourself. Will include a small section here on regulations and licenses here if they apply, this makes sure you have factored in costs and ticked the legal boxes.

4. Managing your business: You need to let people know that you could have everything in control, you can manage every bit of your business and if to be able to the resource your plan explains how you can15484 acquire it. Split it into easy sections covering finance and accounts, marketing, sales, HR, administration, safety and health etc .

5. Customers and the market: To get confidence in your plan you need to do your homework and not just about the key players in your target audience. You need to show you understand them, what drives them, what their aims are and exactly how you can satisfy them. How will you persuade them that your product is better? A thorough understanding of competition is key too. Which are they and what are their strengths and weaknesses, and the ones of their products? Greetings going to overtake them, can you add value to an existing product, or release something which complements it? How will you differentiate and catch the eye of the customer? Show the reader as tirelessly done your research, and that you have those entrepreneurial skills to raised your competition.

6. Marketing plan: Include your technique for marketing, and how you can gain access to your planned customer base with what methods. Describe your approach, who will be doing it, the timescale for enacting the plan. In the event you lack marketing experience look at grant-funded consultancy to bridge the gap.

7. Sales plan: How many units are you going to sell to whom? What services are being purchased from your business? Are the sales one-off or recurring, where will new customers get into your plan, what are the prices and that is driving your sales effort? These all must be answered, but choose a business plan stand out by not making it matter of fact statements. Write it like a diary almost, tell the reader what you should do on what day or week or month, how you will undertake it, who will do it... it's like a bulleted action plan of sales achievement. Include a section on courses of action should your plan slows down or customers are not won. Sensitize the sales line to prove you are also a realist, but that you have a backup plan.

8. Operations: Every plan should cover the things you will need to operate effectively. These can include staff, offices, factory units, storage buildings, capital equipment, licenses and authorisations, statutory requirements like rates and insurances, suppliers to suit your needs processes, distribution centres, vehicles etc . There's generally nothing sexy about the operations side of a business but think of it as the engineroom on a ship. If immigration business plan writer doesn't work, the passengers are going nowhere. Explain how each area is covered in the plan, and how you and your team will use their skills and drive to make it as efficient as it can possibly be.

9. Financial forecasts: It really is worth having this done professionally, or at least audited by a professional. The money and loss is very important but even more so may be the cash flow forecast. The timing of purchases and collections from debtors can seriously impact on your cash requirement. Take time to ensure you make realistic assumptions and to do some sensitivity on it. What if you have a major breakdown and need to find �2, 000 up front, what if your debtors slow down from 30 days payment to 60 days, what if your energy bills go up by 15%? All of these examples hit your cash flow, meaning your nicely prepared cash flow forecast that said you could manage in 6 months time has been blown out of the water. Be realistic, have a plan that lets the reader see what your contingency is.

10. Business Risks & SWOT Analysis: Not every plan includes these nonetheless it is worth including these to ensure the reader sees you have covered all the bases, and put ideas at least in place to combat any potential risks. A good SWOT analysis shows that you happen to be a realist who understands that your business plan isn't based on you thinking you are perfect, or that threats do not exist from day one.
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