Preparing Business Plan

Preparing Business Plan-24
It will need updating and changing as your business grows.Whether you use it in-house or for external finance, it should still take an objective and honest look at your business.It should be concise - no longer than two pages at most - and interesting.

It will need updating and changing as your business grows.Whether you use it in-house or for external finance, it should still take an objective and honest look at your business.It should be concise - no longer than two pages at most - and interesting.

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A business plan is a written document that describes a business.

It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan has many functions, from securing external funding, to measuring success within your business, so preparing a business plan is an important step when starting a business.

This guide will show you how to prepare a high-quality business plan using a number of easy-to-follow steps.

Its purpose is to explain the basics of your business in a way that both informs and interests the reader.

If, after reading the executive summary, an investor or manager understands what the business is about and is keen to know more, it has done its job.Download a business plan template It's important to be clear about these areas in your business plan if you're looking for finance, funding or investment.The process of building your plan will also focus your mind on how your new business will need to operate to give it the best chance of success.Start with an overview of your business: Remember that the person reading the plan may not understand your business and its products, services or processes as well as you do, so try to avoid jargon.It's a good idea to get someone who isn't involved in the business - a friend or family member perhaps - to read this section of your plan and make sure they can understand it.Your forecasts should run for the next three (or even five) years and their level of sophistication should reflect the sophistication of your business.However, the first 12 months' forecasts should have the most detail associated with them.Found at the front of the document, it is the first - and might be the only - part to be read.Your plan might be placed into a 'worth considering' or 'discard' pile by lenders or investors based on this section alone.Think about the presentation and keep it professional - even if you only intend to use the plan in-house. If you update it regularly, it will help you keep track of your business' development.Remember, a well-presented plan will reinforce the positive impression you want to create of your business. Tips for presenting your plan: While it's sensible to seek advice from external advisers, it's not a good idea to get them to write the plan for you.

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