By Djay Rijneveld at April 23 2019 20:31:34
A business plan is simply a plan of what your goals are for the business, and how you plan to go about accomplishing them. Some people refer to it as a vision for your business. I like to refer to it as a blue print or a road map to accomplishing your goals. Your plan should be spelled out in clear and defining terms and be kept simple. It should be a written document and used as a tool in managing the business.
Competitive Analysis: Business by nature is competitive, and few businesses are completely new. If there are no competitors, be careful; there may be no market for your products. Expand your concept of competition. If you plan to open the first roller skating rink in town, your competition will include movie theaters, malls, bowling alleys, etc.
Track Your Progress _ A business plan should not be forgotten about once the catering business has launched. Refer to the plan regularly to see if you are on track to hit the goals that you set out. Make changes to the plan as you go so that you always have a plan in place for your business going forward at least two or three years.
What should come into your business plan is how you assess it, how you foresee anything occurring that could have an adverse impact and how you would deal with it in the right ways. If you are looking to obtain funding from a bank or people you know, it is essential to show what the risk factors are in the proposed business and how you plan to defend against them.