Indeshaw Adenaw: Writing A Business Plan
Writing a business plan is a very simple ordeal
. Writing a well stated, balanced and structured business plan takes a little more work. A business plan is like a statement of where the company is going, what it is doing, and what it has done. A well formulated business plan can be a lot of things to a business. It can be a success or failure, it can determine investors, and it can open new paths to making money.So what are the essential needs of a business plan? First you need to know a few things before you get started. A typical business plan will run between 15 - 20 pages, not to let that restrict you, its just the norm. The length will really depend on the nature of the business. Second, everyone can use a plan, not just start up companies. Business plans are used for every major company to every minor company.
Creating a business plan can have a range of objectives. Knowing these objectives can be an important step to defining the type of plan you need. Remember, several templates exist on the internet as good reference material. So what kind of things do you need to plan in order to make a plan? Some things, such as your objectives will be easy to identify. Other things to plan out are the financial goals, implementation and your growth potential.
Now we have the creative juice flowing. It is time to put it all into practice. The structure of a business plan is very important. The first section is the last written, it is the executive summary. This is for the lazy people who do not want to read the entire plan. It essentially summarizes the entire plan in one or two pages. The second section, and the first one written should be the business description. Answer the who, how, when, where and why. The what is also important... What are you providing.
This description should provide a good basis for the rest of the plan, think of it as an introduction. Next come the marketing strategies and the competitive analysis. In order to be a successful business you have to know your competition, and know how to beat them. This is a simple way to make sure you know who you are going up against.
Next comes the meat and potatoes. These can be summed up in the Design and Development Plan, and the Operations and Maintenance Plan. These two in depth plans look at how the business will operate, and how you will generate income. It also illustrates how you will become a bigger company, your growth and development. The last step is to tie it all together with the financial components.
Sounds like a lot of work. Again, remember there are several templates available to use as reference. The only suggestion is that it does not have to be perfect the first time around. You can revise it, perfect it, change it. Remember it is your business, so therefore it is your business plan. Follow the above steps and find a template to help you. You will have a plan and investors in no time.
By Indeshaw Adenaw
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