Effectively Managing

Online Resources For Business Improvement

Basket

Your basket is empty.

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 are 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
Communicate:
where the business is now!
Where it intends to go!
How it intends to get there!

You should try to make your Business Plan be purposeful to you, as you will be referring to it constantly as you develop and grow your business and making changes to it as you see fit.

Also, it should be interesting to the reader, from whom you may want so sort of support, such as financial support, knowledge and expertise or endorsements.

So now that you have done some work on addressing the points above you are ready to write your business plan. But what should your business plan contain?

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