Every business, regardless of size, should have a working business plan and it is even more important when you are starting up a new business. A business plan is not only a vital instrument is applying for and securing funding but also a useful business management tool that can assist in the day to day operation of a business. It can help you spot pitfalls before they happen, identify your business strengths and weaknesses, assist you to effectively manage the business finances, focus your development plans, etc. This guide will show you how to prepare a quality business plan using a number of easy to | How to prepare your business plan Every business, regardless of size, should have a working business plan and it is even more important when you are starting up a new business. A business plan is not only a vital instrument is applying for and securing funding but also a useful business management tool that can assist in the day to day operation of a business. It can help you spot pitfalls before they happen, identify your business strengths and weaknesses, assist you to effectively manage the business finances, focus your development plans, etc. This guide will show you how to prepare a quality business plan using a number of easy to follow steps. What should the plan include? Your business plan is a statement of intent. It should provide details of how you are going to develop your business, when you are going to do it, who is going to be the key people involved, how the business is to be financed, etc. Clarity on these issues is particularly important if you are looking for finance and investment from funding sources such as the Rosebud Fund. The process of structuring and building your plan will also focus you and the other key individuals involved on how you will need to operate and develop the business to give it the best chance of success. Your plan should include the following:- The executive summary This is a concise overview of the business plan. It is an important part of the plan. Many lenders and investors make judgments about your business based on this section of the plan alone so it is crucial that it is well presented. The business, its products and services This should include what the business does, the product or service that is on offer, the market sector involved, the target where the product or service is to be sold, etc. Marketing and sales strategy This should include an insight into why people will want to purchase or use the product or service, how it is planned to make the market aware of the business, how the product or service is to be
