WHETHER YOU ARE IN A CONSUMER TYPE RETAIL, WHOLESALE, AND/OR A SERVICE BUSINESS YOU CAN BENEFIT FROM THE PREPARATION OF A PROPERLY WRITTEN BUSINESS PLAN.
Your business plan is a written description of your business. It is a document that describes:
- Your business's profile.
- Your business goals.
- Your business objectives and the strategies you have in place to achieve these objectives.
- The products and services your business provides.
- Your marketing plan.
- Your financial forecasts, statements and
It is essential that you:
- Prepare a business plan. If you start a new business or grow your existing business.
- Review your business plan (at least quarterly) to keep it updated.
What Should You Include in Your Business Plan?
The following information. Provides an outline of what you should include in your business plan:
Your Business Profile and Strategic Analysis
This section allows you to describe:
- The industry your business operates in.
- Your Business's structure.
- How you plan to make your business a success.
- An analysis of your business’s potential competitors.
- A demographic profile of your customers or clients.
Your Business Objectives
Providing answers to the following questions. Can help you with your business objectives:
- What short-term and long-term business goals do you have for your business?
- What is your strategy?
- What specific actions will you take to help you implement your action plans?
Your Products and Services
Describe the following:
- What products or services does your business sell or promote?
- What reasons do your customers or clients have?. To purchase your business's products and services. Instead of your competitors?
Your Marketing Plan
This section requires you to document. How you intend to promote, market, and advertise your business? This includes providing specific information as to:
- Do you intend advertising in print media, or social media, etc?
- How will you market your products/services to (i.e. your target market)?
- How will you promote your business’s sales?
Financial Forecasts and Statements
The financial section of your business plan. Is one of the essential components of the plan. The key to developing a strong business plan. Is to prepare financial forecasts and financial statements. That can convince investors and lenders to fund your business. If required. These include:
- Developing a Cash Flow Statement. That evidence your business's. Liquidity or solvency over a reporting period
- Preparing Income statements or Profit and Loss Statements. That evidence. The revenue your business receives from the sale of its products or services. And prior taking out your business's expenses.
- Preparing a Balance Sheet. That evidence. The value of your business's assets & liabilities. And also your owner's equity in your business.
- Creating financial budgets. To evidence your business's cash flow(income and expenditure) over a set period. This helps you in ascertaining. If your business has achieved its stated financial objectives.
You Can Use Our Business Plan Template
If you want to complete your business plan yourself. You can use our Business Plan template. By clicking here.