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The most commonly asked questions regarding Business Plans are...
What is a Business Plan?
A Business Plan is a business tool. It is a written document
that assists you in establishing goals and clarifying potential risks and rewards. A solid
business plan increases the chances of success; it helps define the business, gives it
specific direction, provides focus for the goals and forces an objective look. A thorough
plan will lay the foundation for implementation of the business activities, by identifying
the next steps. In addition, the business plan is also used as the first item reviewed
when seeking funds.
What are the parts of a business plan?
Find out the Minimum Components of a Business Plan here
A business plan details the company’s activities, strengths, and strategies. The standard components are:
1) Title page
2) Table of Contents
3) Executive Summary
4) Business Overview
5) Management Team
6) Product (or Service) section
7) Market Analysis
8) Marketing Plan
9) Financial History & Capital
Requirements
10) Exhibits and Supporting Documents
Is there a certain number of pages in a plan/How long should the plan be?
The plan length should be based on it’s purpose. The goal in writing a plan is to "sell" your business/business concept. This is true whether seeking internal or external funds. Contrary to what many believe, the people you target do not want a 60 or 70 page, 12 pound package. Rather, concentrate on including the key elements, which answers questions such as: what do you sell... who do you sell it to... at what price... when do you sell... how do you reach your customers... why do your customers buy from you... how will you grow your business?
Should I pay someone to help me write the plan? What options are there?
There are business consultants who will work with you to write your plan. The process requires for you to be actively involved with the creation of your plan. The professional service of a consultant may be useful for customization, creativity, originality, narrative expression, prose style, and a more timely completion of the plan. The Small Business Development Centers and SCORE provide counseling for a plan, but will not write a plan. There are many software packages now available with pre-written phrases, and the internet also has formats that can be downloaded.
How long should it take to write a plan?
There are many variables - your experience and background in writing a narrative that can sell the concept, your available time, any deadlines or time factors. If you retain a business consultant to work with you and write the plan, the process often requires a minimum of ten business days, once you have provided all the necessary information.
I've worked at my business a lot already, but it's not a real success. Will a plan help?
It’s not too late for planning if your business is already losing market share, or it is not working out as you had envisioned. An updated marketing plan may be needed, if the industry is still strong. Another type of plan that may also be helpful is a strategic plan. This top-level, comprehensive type plan will help to focus on the problem areas. Since there are so many variables involved with making a business a success, a session with a consultant would be beneficial.
What is the difference between strategy planning and business planning?
Strategic planning involves envisioning the future by examining where you want to be or should be, based on the realities of where you are today. In strategic planning your business’ current strategy, objectives, and goals are defined. Strategies are evaluated to determine their effectiveness, based on your business situation. Not all strategies are effective for all businesses. In a strategy workshop, expect to determine the assets and skills that you possess, and to work on identifying your competitive advantage. In the process of creating the plan the firm’s activities, strengths, weaknesses, etc. will all be examined. A business consultant that is a good strategist will help you identify, choose and implement a strategy which will enable your company to meet its objectives, and grow.
Contact Donmar Business Services for More Information
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Last modified: October 30, 2001
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