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How-do-I-build-a-winning-business-plan-
Using sample business plans and their structure, along with studying
as many business plan examples as you can, will provide you with
the necessary framework to consider your business from every
possible angle.
Starting or running your business without a business plan is akin to
being a human without a skeleton!
Not only will using a sample structure highlight any areas you haven't
fully thought through, but it will also provide you with a good idea of
what makes a good business plan, and what doesn't.
The importance of your business plan as a motivational factor in
running or starting your business cannot be underestimated. You will
find that your commitment continues to build as you collect
information, research and write each section.
Your business plan should always accompany requests for Small
Business Loans , and lenders or any kind of angel investor will simply
refuse to consider your business proposal without one.
Lenders and investors want to see your plan with the aim of satisfying
key questions before they make their decision to grant funding or not.
Once you¡¯ve commenced trading your small business plan will act as
a steak in the ground, and help you measure where you expected to
be against where you actually are. It will help you take corrective
action as necessary.
Sample Business Plan Structure
All plans should include at least the elements listed below, and
perhaps additional sections depending on the type of industry.
Executive Summary
Company Background
Products or Service Overview
Unique Selling Proposition and competitive advantages
The Marketplace
Operations
Leadership and management profiles including professional
competencies
Professional Support
Risks and Threats assessment
Financial forecasts including key assumptions
Relevant appendices
Collecting the information for all the sections is time consuming and
sometimes difficult. The business section of your local library is
always a good place to start research. Ask your friendly librarian about
how to look up market research reports, and how to investigate
competitors.
If you are not familiar with spreadsheet software, constructing the
necessary financial forecasts represents a significant hurdle. You
have 2 choices:
Pay someone to put part or all of the plan together for you, or a small
investment in some business planning software.
The advantage of using a professional is you will receive the benefits
of their experience, combined with a professional looking plan.
The disadvantage is that it won¡¯t be easy to make changes, and more
importantly, because you will not have been as involved in its
preparation, you won¡¯t be as familiar with its contents as you should
be. Make sure to learn the contents well.
One final tip though, remember it¡¯s the quality of the information you
put into it that determines what comes out.
Neil Best has over 15 years experience in business finance. For successfully funded business plan examples, and more useful business finance tips and advice , visit Small Business Finance Tips now. |
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