|
2008-04-28 08:03:13
|
|
Article by Helen Cox |
|
The term business plan refers to an essential, realistic and working document that describes the objectives and strategies of a business. The term is one that all established companies will have heard of.
Your plan will describe your target market and all of your financial forecasts. It is used to secure external finance as well as a way of measuring the success within your venture.
Many people only really think of their business plan as a way of securing external funding when in reality it can also be used to help you spot pitfalls before they happen and structure the financial side of your company as well as focus development efforts and as a way of measuring the success of your venture.
It is classed as a living document meaning it will need to be up dated as your business changes and grows. Although there is no fixed content as to what has to be included it is advised that you include an executive summary, which is an overview of the venture that you want to start and is vital as many people who read this document will develop opinions about it primarily from this section of your business plan. You also need to include a description of your companies opportunity, which will demonstrate who you are, what you plan to sell/offer to your customers as well as why and a description of who you are planning on selling them to.
You also need to include a section dedicated to your marketing/sales strategy, which will demonstrate why you think people will buy what yourcompany has to offer as well as going into detail about what you are planning to sell.
Your management and personnel team also needs to be mentioned within it as does your operations. What is meant by operations is the premises or production facility you are using as well as your IT systems. Your financial forecast then comes into play as it will translate everything that you have already said within your plan into numbers.
There are two main types, externally or internally focused. Externally focused target goals that are important to external stakeholders, particularly financial stakeholders. They typically have detailed information about the organization or team attempting to reach the goals. Internally focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization. An internal one is often developed in conjunction with a balanced scorecard or a list of critical success factors. This allows success of the plan to be measured using non-financial measures.
You should get as much help as possible when writing it, meaning it is important that you show it to a number of third parties. However you need to ensure that your business plan reflects your personal vision and that you aren't just putting things within your plan because you think it's what someone else will want to read.
Your business plan acts as a map that will guide your venture to succeed. It is important that you are honest when writing it and use it to its full advantage when it comes to setting up your new business.
|
Specialized in: |
Write
-
Business Plan
-
Capital
|
URL: |
http://www.angelstartups.com
|
|
|
Related Articles |
|
Daycare Grants Requirements (Popularity: ): If you're a parent who simply cannot give up your work for the bright future of your children, finding the best daycare is the ultimate solution. This stage is very crucial for your kid since this education is important for total well being, emotional and intellectual development of the child. But what if you don't have money? Must it discourage you to provide the vest education for your child? Not ...
A Methodical Approach to PCI Compliance (Popularity: ): The PCI DSS, or Payment Card Industry Data Security Standard, is a set of standardized requirements that merchants who store, transmit, or process sensitive information must adhere to. These requirements can be complex and time consuming, but if you take a more methodical approach to PCI compliance, some of those mandated procedures might not be so bad.The fist step is to analyze your priorities. How important is PCI compliance to ...
Homogeneous and Heterogenous Environments of Organizations (Popularity: ): Complexity is the degree of similarity or diversity between the factors in an organization's environment. When factors are similar, the environment is referred to as homogeneous. When factors are diverse, the environment is referred to as heterogeneous.Organizations operating in homogeneous environments can specialize in producing one good or service to be distributed to the market. Homogeneous environments also allow an organization to simplify its operations as the knowledge and skills ...
Location Accuracy at Target (Popularity: ): Anyone who works at Target will tell you that a very large part of Target's logistical system is making sure that things are stored in the backroom correctly and in an orderly fashion. At Target a very important evaluation tool is something called location accuracy. In order to understand the concept of location accuracy you need to understand how the LRT works. The LRT is a device used at Target ...
Impact of Turbulent Environments on Organizations (Popularity: ): Environmental dimensions characterize the arrangement of factors within the domains of the organization's environment. Managers of organizations must not only be able to identify environmental factors but must also understand the arrangement of factors to make correct decisions. One of the dimensions is turbulence.Turbulence is the extent to which environments are being disturbed by an increasing rate of exchanges between factors. Exchanges result from transfers of resources between organizations. As ...
|
|
Related Business |
|
Business Plan Consultants (Popularity: ): A quality website offering the best business plans at affordable prices. Business plan articles, business plan tips, business plan quotes and more. All information on our website in Canada.
Business Plan Assistance (Popularity: ): A feasibility plan is very simple start-up plan that includes a summary, mission statement, keys to success, basic market analysis, and preliminary analysis of costs, pricing and probable expenses. This kind of plan is good for deciding whether or not to proceed with a plan, to tell if there is a business worth pursuing. We set the business plan assistance activities which are the priority for the students.
Restaurant Business Plan Help (Popularity: ): Restaurant Business Plan Help: We just do not provide business plans we provide results. Get our result oriented business plan service that is customised to meet your needs. Our panel of seasoned writers and business analysts will devise a restaurant business plan for you that is very hard to decline. Our style of writing is also very distinct and versatile.
The Daycare Business Plan (Popularity: ): We can produce a customized Daycare Center Business Plan for your company. Whether you are a young entrepreneur or seasoned businessmen in search of a plan that can kick start your daycare center business, we can provide you an original and detailed business plan. We also deal in child care center business plan and have delivered quality and detailed plans.
Business Plan Software (Popularity: ): Businessplangenerator offers business plan for software, free business plan template, free business plan software and business plan template for organize your data. Download free business plans if you have unique business concept.
8a Business Plan (Popularity: ): The Small Business Administration (SBA) requires a business plan for all 8a certified business. The purpose of the 8a business plan is to help the SBA determine if your company is capable of fulfilling government contracts provided to your company.
Lincs Driver Training (Popularity: ): Become a Driving Instructor with Carol Morley. Key facts for your business plan In order to finalise your business plan and create an accurate financial plan for your new business venture we give you a full break down of all the investment details here.
Professional Business Plan Writers (Popularity: ): We will work out your marketing plan, promotional strategies and financial forecasts. BizPlanCorner.com is a team of professional business plan writers offering top-notch and affordable consultancy services to small business owners. We conduct market research, build financial projections and pen down realistic and professional business plan from scratch for you while sticking to your deadline and funding needs.
Growthink (Popularity: ): Growthink develops business plans and provides business plan development, investment banking and venture research services for growing and established ventures.
Biz Plan DB (Popularity: ): BizPlanDB is an e-commerce website that specializes in the sale of business plan templates that have been developed in MS Word, MS Excel, and MS PowerPoint. These templates are designed to assist you in developing a high impact business plan for debt or investment capital.
|
|
|