How to prepare your Business Plan
Business planning is very important to develop a successful business and it can also serve as the framework of your business. However it is an ongoing process that requires continuous collection of facts and information and facilitates you to honestly and objectively scrutinise the key areas of your business activity and stay on track. In other words, a comprehensive written business plan is one of your most effective business tools.
THE ELEMENTS OF A BUSINESS PLAN
- Your mission
- A description of your business, product or service
- A description of how you differentiate you product or service
- An analysis of the market you are penetrating
- A description of your operation management
- How you intent to promote your product or service
- A SWOT analysis (strengths, weaknesses, opportunities and threats)
- Prepare a cashflow projections to understand your cashflow needs
- An evaluation of future developments and prospects
Have in mind that business plans written for external use (eg. Bank institutions, Investors) may require additional elements such as an executive summary that needs to be composed after you have completed writing your business plan.
IMPLEMENT THE BUSINESS PLAN
Your business plan will not have any value if it is not combined with a plan for implementation. This is the stage of the business plan where you will clarify the objectives, assign tasks with deadlines and monitor your progress in reaching your goals.