A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about your organisation.
Business plans are decision-making tools. There is no fixed content for a business plan. Rather the content and format of the business plan is determined by the goals and audience. A business plan should contain whatever information is needed to decide whether or not to pursue a business goal.
You also need to ensure that your business plan is up-dated on a regular basis as it is a living document, you need to make sure that when something changes within your business that it is documented within your business plan. This will allow you to keep track of your businesses development and will ensure that you know what is happening in your business from start to finish.
Preparing a business plan draws on a wide range of knowledge from many different business disciplines: finance, human resource management, intellectual property management, supply chain management, operations management, and marketing, among others. It can be helpful to view the business plan as a collection of sub-plans, one for each of the main business disciplines.
Within your business plan you should define your business position and your market. You need to outline your competitors and include any market research that you have conducted. You should be fully aware of your marketplace and understand the trends that happen within it. It is also a good idea to know what your competitor’s advantages and disadvantages are and then compare these to your own.
You need to think wisely about how to go about writing your business plan and ensure that you have covered all of the topics that you need to address within your plan. As well as this you should also consider the presentation of your business plan. You need to make sure that your plan is legible and wrote in an email friendly format so that if you do have to email your plan you can do. A cover and content page is also a good idea for your plan, which should include page numbers and section numbers. Once you have wrote your plan you should get at least two people to read through it to make sure that they understand it whilst checking the grammar and spelling.
Your business plan may seem like a complicated task but when you think about it, it is mainly common sense, just take your time with writing it and you will be fine.
Helen is the web master of Angel Start-ups, specialists in all aspects of writing and preparing Business Plans.