Developing business plans
Definition of a business plan>> A document describing the marketing strategy, operational issues and financial implications of a business start-up.
The benefits of creating a business plan>> help entrepreneur clarify their ideas on a written document; owners know how the businesses objectives need to be met; help persude lenders to invest into the business; valuable tool in running the business; an accurate and realistic plan that identifies the strengths and weaknesses of a business.
Content of a business plan>>details about the business;personal information about the managers & owners; objectives of the business: marketing plan: production plan; details of fixed assets; sales & cash-flow forecast; profit and loss account; balance sheet for the next 2-3 yrs; details of pricing and breakeven point; collateral; brief account of the long term forecast & plans of the business; Swot analysis .
developing business plans CONTINUED
Sources of info & guidance>>
- accountans & bank managers;
- business link; local enterprise agencies;
- chambers of commerce & local trade associations;
- princes trust/PRIME depending on the entrepreneurs age;
- individual advisors.