A good business plan should have an executive summary that provides an overview of your entire plan.
In your executive summary you will need to emphasise the factors that you believe will contribute to the success of your business.
Business information: You will need to have information about your business in your business plan.
This includes information relating to your business, its goals, objectives, ownership, products, location, financial history, financial forecasts etc.
Market information: Include information about your target market, clients and trends. Include information about your competitors.
Include an evaluation of your competitor’s position relative to your own. What are the strengths and shortcomings of their products/services?
Include a SWOT analysis. This is an analysis of the strengths, weaknesses, opportunities and threats that may affect your business.
As part of your SWOT analysis, include an analysis of your financial, marketing, pricing, production, distribution and human resources strategies.
Include an Action Plan: Your action plan should detail who will be responsible for what and by when. The financial implications of actions also need to be outlined.
You will also need to include a monitoring plan for reviewing the action plan.
Your financial objections including your short term and longer term financial needs will need to be included as well as your cash flow projections.
Having a good business plan can greatly assist you in strategic business planning. It is a great tool to give you the clarity and insight you need to exercise good business judgement.
It also helps you better plan for the future of your business and its financial prosperity.
