How do I build a winning business plan?

Starting or running your business without a business plan is like being a human without a skeleton!

Not only will the use of a sample structure highlight any areas that you haven't fully thought through, but it will also give you a good idea of what makes a good business plan, and what doesn't.

The importance of your business plan as a motivating factor in running or starting your business cannot be underestimated. You will find that your commitment continues to build as you gather information, research and write each section.

Your business plan should always accompany applications for Small Business Loans, and lenders or any kind of angel investor will simply refuse to consider your business proposal without one.

Once you've commenced trading your small business plan will act as a steak in the ground, and help you measure where you expected to be against where you actually are. It will help you take corrective action as necessary.

Sample Business Plan Structure:-

All plans should include at least the elements listed below, and perhaps additional sections depending on the type of industry.

1.Executive Summary
2.Company Background
3.Products or Service Overview
4.Unique Selling Proposition and competitive advantages
5.The Marketplace
6.Operations
7.Leadership and management profiles including professional competencies
8.Professional Support
9.Risks and Threats assessment
10.Financial forecasts including key assumptions
11.Relevant appendices

Collecting information for all sections is time-consuming and sometimes difficult. The business section of your local library is always a good place to start your research. Ask your friendly librarian how to look at market research reports and how to investigate competitors.

If you are not familiar with spreadsheet software, building the necessary financial forecasts is a major hurdle. You've got two choices:

Pay someone to put some or all of the plan together for you, or a small investment in some business planning software.

The advantage of using a professional is that you will receive the benefits of their experience, combined with a professional-looking plan.

The disadvantage is that it wont be easy to make changes, and more importantly, because you will not have been as involved in its preparation, you wont be as familiar with its contents as you should be. Make sure to learn the contents well.

One final tip though, remember its the quality of the information you put into it that determines what comes out.

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