Thursday, 02 Sep 2010
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Business Planning
Writing a Business Plan is essential but it is 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, type of research carried out.
- Sales and Marketing - how you will promote your product/service, sales targets you've set, competition and how you will overcome it.
- Product/Service - description and its advantages (and disadvantages).
- Management - CV's, training needed, 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 may be able to obtain examples of business plans from:
- Local libraries
- Business services of banks
For further help and advice on creating a business plan for your business contact Business Link.
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Last updated : 31.08.2010, 13:58:42