Ingredients for success: Business plans
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.