Business Planning
Writing a Business Plan is essential but its not as difficult as it may sound - it is simply a way of putting your ideas on paper |  |
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Business planning is an essential component of any successful business but it is often overlooked due to pressures of day to day work. A well considered and constructed business plan can help you safeguard your own investment, focus your efforts, ease external financing problems and provide you with a yardstick against which to measure your progress. Once developed you should aim to maintain your business plan in-line with your business.
Writing a Business Plan is essential but its not as difficult as it may sound - it is simply a way of putting your ideas on paper.
Areas that are usually covered.
- Description of the business - brief overview of purpose of business and location.
- Evidence of demand for product/service - size and location of market, buying patterns, types of research carried out.
- Sales and Marketing - how you will promote your product/service, sales target you've set, competition and how you will overcome it.
- Product/Service - description and its advantage (and disadvantages).
- Management - CV, training needs, what are these people bringing into business?
- Financial forecasts - cash flow forecast, profit and loss, initial financial outlay.
Your plan should contain the essential information required - not waffle. Try and tailor it to the needs of whoever is going to be looking at it, and remember, with financial predictions - best to be prudent - don't be over-optimistic.
You can obtain examples of business plans from
Help and advice on creating a business plan for your business, can also be found on the Small Business Advice  website.
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