A business plan is a guidance, an important assistant for anyone who starts or runs a business. Business plans may consume some time to make them, but in the long term, you may save much time and cash flow. Get all the info you need here.
You may need a business plan to apply for bank loans or getting investors for financial support. Here are some tips on writing a business plan:
1. Create a vision. Before you get lost in details, start out with a vision or a mission statement. A mission statement should include values and a future view of your business.
2. Make an executive summary. Executive summary summarizes the whole business plan. The executive summary is necessary, as it is important to gain the interest of the viewers to continue looking at your whole business plan.
3. Include a description of your targeted market and services. This is essential to allow viewers to get a clear picture of what you are trying to sell or service. State it clearly in your business plan.
4. Include an analysis of the business environment and background. Do not expect viewers to understand what you are dealing with, even if your business is not a new idea. You may also review it anytime in the future for further adjustments.
5. Include a marketing and operation plan. Say it in the report how you will run your business. Include every detail of it. Be clear and make sure your reports are easy to view.
6. Analyze your business competition. Find out all the detailed information you can get from direct or indirect competitors. Read about them from business magazines, newspapers, or get resources from trading associations. Understanding competition is crucial to make a perfect business plan.
7. Finance planning. There is no business without involving finance. Be sure of your business financial status, and make clear reports about it. Justify your figures because a slight mistake may ruin your business plan or your reputation in front of the viewers.