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Quick Business Plan Tips

Small Business Startup Tips – Creating a Good Business Plan

To help your business become a success, you need to develop a strong business plan. A business plan isn’t simply a document that is created to impress the bank and secure a loan. Once your credit is secured it is good business practice to refer to it regularly to ensure that your business moves in the right direction.

A business plan is the method by which you sell your business to interested parties and therefore, it is essential to convey what makes your business interesting and why it represents a good investment opportunity.

A business plan should range between three to ten pages, covering all the important facts that are relevant to your business. A sound business plan should be ambitious while remaining practical. There is no point including expenses that can’t be met or setting targets that are unrealistic.

The plan should include:
 

  • A description of your company and the market that it operates in

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      • A summary of company’s historical past (if it has one)

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          • Details of the individuals who will be managing the company including their experience

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              • An explanation of the product or service that is being offered

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                  • Sales and marketing plans and an analysis of the company’s finances (including profit and loss, cash flow details and balance records).
                    • A business plan is not a static document but should be updated regularly as your business develops and circumstances change. If you have created the business plan yourself, it may be worth having it looked at by independent experts to ensure it is error free and professional in appearance.

                      One you business plan is completed it will allow you to compare the targets you have set against actual progress made to date. This means you can monitor the progress of your business on a regular basis. It also allows you to see any problems early on and you can then reassess your situation.

                      Our starting a business section contains loads more information on how to create a good business plan.

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