Writing Professional Business Plans
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Whether you are in the process of setting up a new business from scratch, or running an existing one, the business plan is an important document that sets out the course of the business in the months, or years, to come. Formulating a business plan requires clear thinking, and the translation of those thoughts into a plan of action that is committed to paper, in a clear and logical fashion. The objectives, strategies and financial commitments needed, for the progress of a company, should be spelt out clearly, so the business plan document, itself, serves as a decision making tool for the management of that company. Business Plan Format The business plan document serves several functions, one of which may be the securing of external funding for the business. There is no exact format for a business plan that will suit all requirements, but there are certain topics that should be included in a well drafted business plan. Executive Summary: This is the last part of the business plan to be written, but should be placed at the very beginning of the document, as it provides a general overview of the business plan. The executive summary lists the significant points and strategies, in brief, and should be written in language that makes the reader sit up and take notice. Description: The nature of the business and its activities are described here, if necessary, including a brief company history. For a new business, the objectives of the business, and scope for success, may be spelt out in detail, including details of the available resources, and strategies proposed. This may need to be especially convincing, if external funding is one of the key factors upon which the success of the business is dependant. Products and Services: A description of the products, or services, offered by a company, and what makes them unique, when compared to the competition, should be included here. The unique selling point of each should be made clear. Marketing: The target market, and the strategies that would be used to draw customers to your product offerings, should be explained here. The strengths and weaknesses of competitors may be highlighted, along with strategies for successfully overcoming the competition. Finances: The financial requirements of the company, for the forthcoming year, or years, and how the company proposes to raise these funds, should be explained in this section. Important financial data and projections should be dealt with in detail. Operations: The facilities, systems, or processes that the business uses, and proposes to improve upon, are dealt with here. Writing the Business Plan Before you start writing the business plan, you should have the following information at your fingertips:
- Details about the competition
- Who is likely to be your audience, and what they might be looking for in the document
- Evidence to back up your claims about the products or services, facilities, and so on
- Details of all financial estimates and projections
- Clarity at to what will make for successful implementation of the plan
- A realistic estimate of available time and resources
- Potential returns for investors.
Presentation Appearance: Make sure the business plan is written, and formatted, professionally. Sub-headings: Provide appropriately worded sub-headings, allowing readers to quickly skim, and understand the key points of your document. Be brief: Write as briefly, or better, as concisely, as possible, covering all the important points. Keep the length of the document to a minimum, obviously depending on the nature, and complexity, of the business. Conclusion A business plan is an important document for any kind of business, irrespective of its nature, or size. It serves as an effective management tool and also speaks loudly for the capability and credibility of a company, when it comes to securing outside investment.
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