60 seconds on… Writing a business plan
Money doesn’t grow on trees i
The golden rules of business
planning are:
Do you enjoy business planning?
• Keep it short, focused and objective
Many people believe that working out
• Let it reflect your vision, not what you
a business plan is too complicated to
think others want to see
attempt. Others think you only need a
• Make sure it is presented in a
business plan if you want finance from an
professional way
outside source.
• Include realistic projections that give
confidence
Both attitudes are wrong. The Enterprise
• Allow it to demonstrate your
Agency advises that businesses with a
understanding of your market and
proper business plan generate 50% more
your business
revenue and profit growth than those
• Think about the audience – external
without. Approximately 70% of
(bank manager) and internal
businesses that fail didn’t have a
(management)
business plan.
A business plan is a statement of intent
that sets out clearly your business idea,
your business objectives, the markets
your business operates in and your
financial forecasts.
A good business plan focuses on targets,
sets short and long-term goals and
provides benchmarks so you can check
progress. It requires updating on a
regular basis.
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