Write Your Business Plan

If you were building a house, you wouldn't do it without drawing and writing a plan. Similarly, every business should write a Business Plan, particularly a new business.

It provides your business with goals, directions and time schedules for actions, progress, results and growth.

A well constructed business plan also identifies the strengths and weaknesses of a business.

A typical Business Plan includes the following topics:

         Executive Summary
         Business Background
         Sales Analysis
         Market Analysis
             - Market Profile
             - Benefit Analysis
             - Detailed Market Segment Analysis
         Analysis of Competitors
         SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
         Objectives
         Marketing Plan
             - Promotion
             - Pricing
             - Distribution
             - Products and Services
         Organisation & Management
         Financials and Records Production
         Rollout Plan
             - Key Milestones & Responsibilities
         Monthly Review
         The Financials
             - Management Budget
             - Cash Flow Statement
             - Income Statement
             - Balance Sheet

You could develop and write your own business plan. However, if you've never done one before, you're probably better off purchasing a Business Plan kit or getting some professional help. This is a very important step in starting and running a business, so make sure you don't take any shortcuts … do it properly.

You should also consider using the services of a professional consultant to regularly review your Business Plan with you. This will help keep you on track and identify any areas that need improvement.

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