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We know you’re starting a new business or moving to expand and want to stay focused on the positive and the last thing you want to talk about is failure.But for 70% of business companies, failure is the reality, and the primary cause is a lack of planning.
Usually, a business plan will describe the firm's products or services, customers, competitors, management team, strategy and implementation plan, as well as detailing profit and loss projections, sales and cash flow forecasts.
The key points and figures are highlighted in an executive summary, which appears at the beginning of the plan.
It covers the following information: what you are going to sell or produce, the structure of your business, your vision on how to sell the product, how much funding you need, information on financial projections, among other details.
Before you begin to implement your company’s business plan, it’s necessary to brainstorm to make sure your team is prepared to answer some questions: However, there are dozens of other questions, industry-specific or otherwise, you should be asking.
A business plan is essential to your company’s success.
After all, seven out of ten businesses fail within five years.Don't think in terms of a 'business plan', rather different versions of your business plan, each tailored to the reader and guided by your specific objectives.If you're trying to attract funding, your business plan should provide compelling evidence why you need the money and evidence that you can afford to pay back any loans. In most cases experienced people will read this first and if it doesn't instantly capture their imagination, inspire or impress them, they won't bother reading the rest. Your financial information must stack up when scrutinised.In most scenarios, it is up to the founders of the company.It’s important to remember that this is not a document for internal use only.But as important, the process of writing involves you and your partners taking a real look at what you want the future of your company to look like and how you’re going to make it happen.An individual or a group of individuals who start a business are responsible for writing a plan.Specifically, I'm talking about cash flow predictions, sales forecasts and profit and loss projections.Cash is usually misunderstood to mean profits, but making profits doesn't mean you'll have enough cash to pay your bills.In a small business, of course, this is usually the owner-manager.They need the energy and drive to make the plan a success – otherwise it's unlikely to happen.