The Business Plan - The Why, What and How
This article will address three important questions regarding the Business Plan:
1. Why would I write a Business Plan?
2. What do I include in the Business Plan?
3. How Do I present the Business Plan?
1. Why would I write a business plan?
If you have never written a business plan before you may wonder how you would benefit from doing so. What's in it for me?
Developing a comprehensive business plan involves a great deal of research and hard work but it is the most important business document you will ever prepare.
a) A business plan will help you clarify, focus and research your potential practice. It will help you evaluate your plan and even help you make the final decision to proceed or not.
b) A business plan gives you a guide to follow. It will help improve your practice's chance of success by setting out realistic goals and financial projections against which you can actually measure your practice's performance.
c) If you ever require financing a business plan is considered a must by most potential investors. They will use it to assess the viability of your proposed practice and consequently, determine if they will be willing to lend you the money.
d) Finally, your plan may help you develop as a manager by providing practice in critical thinking about such things as: competitive conditions, promotional opportunities, sources of financing, alternative methods of providing services, etc.
2. What do I include in the Business Plan?
It is important that your business plan be as comprehensive as possible while being contained in 20-25 pages or less in length. The body of your Business Plan should contain the following key elements . . .