Creating an Effective Business Plan
Your business plan is the future of your business. So many small business owners simply go to work each day with no real idea of where they want to be or how they intend to get there. Little wonder that the failure rate of small business is so high.
Write down your business plan, then keep it open, so you can change it to reflect the ever- changing business environment. It is simply a written statement of your business goals and how you expect to achieve them. Keeping it open will allow your plan to continue to reflect your current thinking.
This will also help you create a plan to guide your business through the start-up or growth phase, a search for capital, or any other endeavour your small business undertakes.
What better time than the start of a busy new year to get a leap on your competitors by planning out your year ahead.
Typically a business plan consists of seven key elements as listed below. For each and every element you will need to find a description, using the many tips for avoiding common pitfalls.
- Introductory Elements
- Business Description
- The Market
- Development & Production
- Sales & Marketing
- Management
- Financials
If you require assistance with writing your own Business Plan then we have a worksheet and a comprehensive guide.
Business Plan Guide