What is a Business Plan?

Many times people ask what is a business plan? In this section we will try and answer that for you.

You may be a small business startup thinking that you know your product or service, market and your pricing. If you get any of these wrong from the beginning you may fail.

In the past we have started several businesses some of which have been successful and some of which have failed. One of the businesses which failed was due to lack of planning. We had a great product which people liked, we knew how to sell it, but we had not completed a financial forecast. If we had of completed the forecast we would have realised that the pricing was wrong on the product and therefore the business failed. This is the hardest way to learn that planning is an important part to any new business or product.

There are people who can help you write a plan, but in the end the best person who can write a business plan is yourself, as you know the products, market place and pricing. If you need help with the financial forecasts it is worth getting an accountant involved, but before you do, get as much information and costs available as possible.

How should I Present my Business Plan?

If your business plan is just for your own use it will not matter too much about the presentation. If you are writing a business plan to raise finance your company, you will need to ensure that it looks good and the information is clear and concise.

Your plan can be the first impression that someone gets of your company, so make sure it looks good and professional.

How to write a Business Plan

It is very important to get all the information into your plan. How to write a business plan describes what you need to include in your plan. It should include a summary of what your business does, how the business has developed and where you want it to go in the future. It should unclude a clear strategy for improving your existing sales and how you plan to achieve the growth you want.

Return from What is a Business Plan to Starting a Small Business page.