How to prepare a business plan
1st of February, 2022
We have defined the following steps in producing a business plan
The process
- Create your strategy
- Forecast your finances
- Produce your persuasive plan (for you and for others)
Primary Question - What do you really want out of the business?
- Non-financial
- Financial (Lifestyle costs)
Four areas must be covered:
- That a sufficient market exists
- That the management is capable and efficient
- That the product and service is good
- That the finances are adequate
Top tips
- Be clear
- Be brief
- Be logical
- Be truthful
- Back up words with figures where possible
Process Steps
- Your objectives/goals
- Your assessment of the market you are about to enter
- The market has adequate size
- You have defined your segments (plural!!!)
- You have identified your customers (plural!!!)
- You know what they really want
- You know how to reach them
- You have scoped out your competition
- Your knowledge, skills, experience, and other relevant resources you will bring to it
- Your finances
- Your products/services – features and benefits
- How you will set up the business
- How you will compete (innovation, technology, price, service, efficiency).
- Low-cost leadership versus Differentiation
- Areas of Focus
- Your Value Proposition
- The longer-term vision
- Your financial targets
- Your promotional marketing plans
- How you will measure progress/success
If you want to develop a new or updated business plan, please contact us.
