A Business Plan, do you have one?

 

 

You know that feeling you get when you're asked if you have a business plan, then you pause just before you give a reply? A feeling of doubt comes over you and at the very same time you have a vivid conversation going on in your head about what you have written, is it too long, does it say what you mean, and then you find yourself wondering if it will stand up to scrutiny. Even though you put a lot of effort into it and you feel that you've done your best, somehow you find yourself agonising over it, to the point of questioning whether you're even the correct person to write it in the first instance!

 

Wouldn't it be great not to feel anxious about your business plan, and to feel secure in the knowledge that you are definitely the person that should be 100% involved in writing your business plan? 

 

The answer is YES that would be great, and to get to that position you will need to engage in business planning. "What is that"  I hear you say! This is the process to structure your research and information gathering. You do this before attempting to write your business plan! To help you along your way we have identified 7 key steps to business planning which is listed below. Once completed you should be in a good position to write your business plan.

 

A tip: Think of your business plan as being the strategic document that provides you with a summary of your business planning.  It will serve as a reference guide to steer your business to success in providing a product or service that your customers want to buy! 

 

 

Key steps Business Planning

Step 1:

THE BUSINESS 

Describe the BUSINESS

Describe the PRODUCTS and/or SERVICE

Step 2:

BUSINESS STRATEGY 

Define the VISION and MISSION

Carry out an INDUSTRY ANALYSIS

Carry out a COMPETITIVE ANALYSIS 

Identify the STRATEGIC OPTIONS

Step 3:

MARKETING PLANNING 

Define the TARGET MARKET

Determine the MARKET POSITION

Develop a MARKETING STRATEGY

Develop the SALES STRATEGY

Prepare the MARKETING PLAN

Step 4:

OPERATIONAL PLANNING 

Prepare the MANAGEMENT and ORGANISATION plan

Prepare the OPERATIONAL PLAN

Step 5:

RISK MANAGEMENT

Prepare the MILESTONE SCHEDULE

Step 6:

FINANCIAL PLANNING 

Prepare FINANCIAL STATEMENTS

Prepare the FINANCIAL PLAN

Carry out RISK and CONTINGENCY Planning

Step 7:

MONITORING AND REVIEW

Prepare the business plan REVIEW schedule

 

 

Having done this you will then have the following details that will be used to form your business plan:

  • Develop your business strategy,
  • Determine resources,
  • Establish budgets and
  • Communicate where the business is now!
  • Where it intends to go! and
  • How it intends to get there!

So now that you are ready to write your business plan, what should your business plan contain?

There is no one format for the business plan, however, the following structure will serve you well.

  • ​Contents page
  • Executive Summary
  • The Business
  • Business Strategy
  • Marketing and Sales Plan
  • Operational Plan
  • Financial Plan
  • Risk Management Plan
  • Business Plan Review Schedule
  • Appendices           
 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Within the Management App, you will be able to click on the keywords indicated in capital letters and find even more detail!

 

Also, you will find:  

 

Additional Steps for Consideration

Related Checklist

Related Opportunities and Benefits

Related Topics

Related Grouped Items

Linked Pages

 

 

The Management App has this topic and many others covered. The Management Function is available to you. To see the wealth of 'helps' that is available to you. Click here Newsletters

 

WASP The Business Tool

 

 

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