It is hard to start a new business from scratch. It always has been and is likely to always be. There are a few ways in which entrepreneurs can help themselves though. Naturally, determination and dedication are key but, so is money. Here is a little information regarding how to write a business plan in order the achieve that.
An essential document, the business plan is intended to capture an organizations strategic financial and operational aims. A good plan should always contain certain things, to ensure it meets the basic objectives. These should be introduced in a way that is clear and concise as possible and should be further developed later on or when asked.
There should be an executive summary which essentially outlines the business proposal, along with an overview of what the aims are. It should also give a synopsis of what the key deliverables, (a company’s products or services), are intended to be.
In addition, the management team needs to be introduced in some detail. The resumes of key members of the team should also be attached as later appendices, and particularly highlight the areas for which they are to be responsible for.
An important part of any plan is the financial forecast, and the appendices which should be attached. Alongside the resumes mentioned above, the appendices should include things such as any market research information and any sales figures already attained.
These are the basics of course and, other than these, there are certain areas where detailed information needs to be given. Ahead of anything else, it is important to explain the driving forces and other factors that have led to the company being formed. Such information should include the goals, and growth expectations.
How a company will operate, in a nutshell, needs to be given. In this area, the features which make it different to competitors should be outlined. A commonly used term over recent years has been the USP; the Unique Selling Point. This is the time to mention it. Likewise, it is also important to include competitor information.
The marketing strategy to be entered into should also be mentioned. Included here needs to be information regards the channels to be exploited, the advertising that will be used, and any other relevant information.
The financial forecast is possibly the most important area of any plan; and the area that is likely to be most interrogated by potential investors. This should include pricing information, advertising and marketing costs, year on year projections and losses, staffing costs and, importantly, the investment required.
As critical a document as it is, it is good to get guidance from experts in every area when looking at how to write a business plan. This is certainly the case regards the financial forecast. Successfully done though, it can make the difference to getting adequate funding or falling at the first hurdle.
