Ingredients for success: Business plans

14
Nov

Ingredients for success: Business plans

Ingredients for success: Business plans

Method

Add an ingredient in cooking, preparation is absolutely key to a successful business plan. 

Start by putting your ingredients in order:

  • Always start by describing your business — what does it do and that makes it a different from rival firms?
  • Provide some background. Explain why the business was established, what the goals are and how you plan to get there.
  • Outline your sales and marketing strategy. Include information on pricing and channels to market.
  • Give details of key personnel and their roles. Describe important assets such as premises and equipment.
  • Clarify your aims. Are you looking for steady growth or fast expansion?
  • Assess the threats and opportunities in your sector. Who are your key competitors?
  • Finally, present your current financial figures. Include details of any start-up investment.