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How to Develop a Business Plan
Tips on how to develop a business plan (BP) are useful to have when creating a business plan. There are many important steps to consider, but the first step is to fully understand the main uses of a business plan. The four main uses of a business plan (BP) are as follows:
• Creating a business plan is necessary to find external financing.
• A BP is a tactical planning and management tool for your business.
• A BP is a document showing the capacity of your team to control and manage all the aspects of the company.
• A BP brings you new ideas to refine your project by tweaking the contents of the BP.
The necessity of Writing a Business Plan
The drafting or update of your business plan is essential for the good management of your company. A business plan can be used for defining some stages of the development of your company, such as:
• The creation of your company.
• The launching of a new product.
• The establishment in a new market.
• The transfer, buy-out, or the structural development of your company.
Should you call in a consultant or write the busines plan by yourself? You should be the main (if not single) author of your business plan - the business plan should be your "baby". It should be a reflection of your personality and it should help your investors to understand who you are. But your project may be too important and you may want to call in a consultant for help and consultation. Even so, you should stay in control of the development of the business plan.
Tips for developing a quality business-plan
1. To be credible, a business plan must be coherent and each parameter in the business plan must be based on facts.
2. There are many methods to assist in creating a business plan, but very few can help you correctly carry out reliable financial projections based on a preliminary commercial engineering and market study. Indeed, one frequent mistake when building BP's is to first define the target in terms of market share, and then try to "find" the number of customers necessary to fill these objectives! This process should be reversed.
3. Another important point is to define concrete policies and measures. This definition aims to gain a reasonable number of customers, based on a sufficient knowledge of the market. The quantitative estimate of this gain must be calculated on realistic monthly and annual increase rates.
A well-founded pricing policy then makes it possible to estimate the sales turnover for the years ahead. Calculation of the costs of the planned actions in your business plan are essential and make overall financial projections possible. In short, financial forecasts, including those related to the financing of the project, must be elaborated from the basic elements of the project.
4. You will need a basic understanding of how the marketing plan and financial forecasts are calculated. Look on the internet for some good free software to faciliate the development of your business plan.
5. A business plan is never a finished document. Regular reviews and comparisons between theory and reality is essential. The business plan should be modified and adapted to improve performance and achieve your goals.
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