Whether you are in a consumer type retail, wholesale, and/or a service business you can benefit from the preparation of a properly written business plan.
There are a number of purposes for writing a good business plan such as:
- It will provide you with the right tools to analyse your business and implement any changes which could help increase your sales and, ultimately increase your profitability;
- It will provide you with reasonable financial forecasts;
- It will show an understanding of the problems/risks of your business;
- It will provide potential lenders/investors with detailed information on all aspects of your business’s past and current operations as well as your future projections.
An outline of the material to be included in your business plan
- Management Team – This section enables you to describe who they are, and the strengths and experience each one brings to your business;
- Business Overview–In this section you should provide a broad overview of your business’s objectives, its mission statement, and list via a SWOT analysis its strengths, weaknesses, opportunities, and the threats your business will face, both internal and external;
- Products and Services – In this part of the business plan you should describe, in detail the products or services that are either sold or promoted by your business;
- Marketing Plan – In this section you should document how you intend to promote, market, and advertise your business. This includes providing specific information as to:
- Where you should advertise,
- How you will market your products/services to (i.e. your target market),
- How you will promote your business’s sales.
- Market Research and Strategic Analysis – This section of your business plan should contain:
- A description of your business’s industry,
- An analysis of your business’s potential competitors, and
- A demographic profile of your customers.
- Financial Documents– This is the most important part of your business plan. The key to developing a strong business plan is to develop financial statements that will show your business’s:
- Cash Flow Statement (Budget);
- Profit and Loss Statement (Income Statement); and
- Balance Sheet.
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