Why do I need a business plan?
Your business plan delivers the goals to work towards, helps you identify potential pitfalls, gives insight into your competitors and highlights possible opportunities.
A great business plan should include a concept, strategy, executive summary, market analysis, competitor analysis, the company’s financials and a clear action plan.
What is your concept?
This part of the business plan has three elements:
- Executive summary
- Company description
- Products/services
The executive summary will highlight the business mission by describing its products and services.
It is a good idea to briefly explain why you are starting your business and include details about your experience in the industry that you are entering.
What is your business plan strategy?
You must understand the scope of your business and the amount of time, money, and resources you need to get started. Writing it down will help clarify your ideas.
Do you have a market analysis?
You should identify your target customer’s needs, desires and pain points and understand how you meet them. You also need to understand what else is available on the market and how your offering differs.
Don’t forget your competitor analysis.
While you must understand the market you are operating in, it is also crucial you assess the success and weaknesses of competitors within your market to spot gaps and beat the competition.
Financials are a must!
A vital area. Outline projections for short-term growth and long-term profitability. You should include forecasts of your profit and loss statements, balance sheets, and cash flow statements for the next three years.
Setting these matters out should help you create a clear set of definable actions to grow and flourish your business. A detailed, well-prepared business plan will increase your chances of survival and success in any venture. If you require advice with balance sheets, forecasting profits or cash flow statements, we can help. Contact us today.
