Laverna Lalie September 7, 2020 Business Plan
Since your executive summary leads your business plan, it is important that you carefully construct this first section. In fact, the executive summary is so important that it is placed directly after the title page, even before the table of contents. Many find that writing this key section works best when completed last. The executive summary serves as a synopsis of all the sections of the business plan. If you wait until the end, you will be better able to write a cohesive and complete executive summary.
Another point of contention is how optimistic you should make your business plan. The problem with making over-optimistic predictions and plans is that these plans could well go wrong. Unforeseen circumstances can always put a spanner in the works. Therefore, it’s wise to err on the side of caution when it comes to devising your business plan. Indeed, it’s wise to predict conservatively and prudently when it comes to assessing the possibilities of future targets, sales and profits. A worst-case scenario will always prove to be less of a shock than one that raises expectations too high.
Another reason to write a business plan is to organize yourself, make sure you have thought through all the components of your business and make sure that it makes sense. A great idea for a product or service may not amount to a great business unless you can turn a profit through effective marketing, management of expenses, management of accounting and information systems, etc.
It’s also important to show the business plan to the vendor or bank manager. If your business needs financing at the beginning, then you need to turn to one of these sources for financial assistance. With that in mind, you need to produce a detailed business plan that shows that your business is credible and also has potential for making money. Not only does the plan prove that you are serious about the business, it also shows that you have a sound business mind and a good grasp of what needs to be done in order to achieve good profits.
A business plan is like a road map, it shows one the route to take, the pitfalls to avoid in order to reach his destination, For instance, if one decides to travel by road from one place to another, he would first need a road map that shows him the route to take. He will need to determine the distance and how much gas his car will need to take him to his destination. Moreover, he will need to calculate how much the journey will cost him, if he intends to raise money, if he’s borrowing, how he intends to refund the money. Putting all this into consideration, he now has a traveling plan that will take him to his destination. In the same vein, that’s what a business plan provides one with, the strategies, the route, and a road map to success.
Lots of people want to start their own business. One of the first things that stops these would-be entrepreneurs from realizing their ambitions is the seemingly daunting task of writing a business plan. Writing a business plan, though, is a rather easy task if you understand your business, so let’s take a look at what a business plan entails.
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