By Steije Blokpoel at May 05 2019 07:12:33
Certainly when you reach the point where you are looking for investors or lenders, you will move beyond those first casual notes. Until then, drawing upon your expertise can allow you to quickly jump into the market and perhaps gain a competitive edge by using a minimalist plan. The "One Pressing Issue" Plan: Business planning does not stop the day you open for business. Under the best of circumstances you should be revisiting your plan once or twice a year to see how things are going, and where perhaps you've veered away from your original goals. Remember, changing the direction of a business isn't always bad, but it should be intentional.
Make it enthusiastic, professional, complete, and concise. If you are applying for a loan, state clearly how much you need and be precise in how you are going to use it. Also include detail about how the money will make your business more profitable, thereby ensuring repayment of the loan.
What should be included in the business plan? Without being too prescriptive, there are certain necessary elements which need to be included. Such elements are: · Preliminaries _ such as contents, contacts and definitions; · An executive summary; · A description of the business; · A review of the market, the competition and market positioning; · The vision, mission and objectives; · The corporate strategy; · The plan for developing the products and services; · Financial projections; · An outline of the risks and opportunities; · A conclusion.
To me a small business is one of the best things you can have if you enjoy operating a business; however, it does require a lot more than just enjoying ownership and running a business. Especially if you are starting a small business and even if you have had a business for many years, you should know what you want for your future. Never guess about your business. You see, without a plan, you are just guessing. We business people work hard and we always continue to hope for the best but when we guess, we're taking a lot of risks. You've probably heard the old saying from an unknown author that says, "If you fail to plan, then plan to fail."