How to write a Business Plan

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And now for the video script... :)
In this video, I am going to discuss the importance of a professional business plan and how we can help you with this.
All businesses both new and existing should have a business plan as it forces critical thinking on each aspect of your business, some of which you may not be familiar with or want to avoid. It provides a framework to consider opportunity and challenges which could be the difference between success and failure.
Now I must warn you it takes a lot work, a good business plan should take 12 to 80 hours to complete …, but the more time and effort you put into the document the more meaningful it will be. And once it is completed, it should be revised regularly as market dynamics and contexts shift.
When starting a new business I can’t emphasise how important research is and in fact I would recommend spending most of your time on this. The more you know about the context and environment of your business, the better informed your decisions will be.
A business plan can serve many purposes; it can be used to steer the business in a particular direction, it can be presented to banks as motivation to secure finance and if you are looking sell equity in your business it can also be used to entice and convince investors.
My view, the owner of the business, should be intimately involved in compiling the business plan as it your business and your risk. There may however, be certain sections of the business plan that is not your area of expertise such as finance or perhaps marketing - if this is the case, then it is a good idea to engage with professional who can help you with these aspects.
I must admit there is a benefit of having a third party like a professional accountant compile the Income statement as this will ensure a more realistic projection. Furthermore, if they agree to put their name on the work, it will lend more credibility with banks and other lending institutions.
We have partnered with the MST group of accountants and can offer a 20% discount on their business plans. They have developed an extensive questionnaire which enables them to understand your business better. It is a detailed document so does require a lot of work from you, but remember the more information you supply, the better the business plan will be. The process does include an interview.
The business plan has 12 sections, but I would like to focus on just 3 of them; the Executive summary, the Management Team and the Income Statement.
I would recommend that you put a lot of energy into writing a compelling executive summery as this is the first section and the part that everyone will read. If you do a great job on this one your readers should continue to read the rest of your business plan.
The 2nd focus section is the management team which is critical to financial institutions and investors as it covers the people in who they are being asked to place their trust in to do two things, 1. to ensure their investment is safe and 2. deliver the returns they are expecting.
The 3rd focus section is the Income Statement which, if done properly, should indicate the viability of the project. All the income and the total expenses should be included in this projection which should clearly show the profit or loss. It is such a crucial document so if you are unsure about compiling it, I would recommend you get some professional help.
So how do you get started? Log on to our site and click on the business plan icon. Once you have completed your contact details and paid the fees due, you will be contacted by our specialist who will send you a detailed proprietary questionnaire. It will now be up to you to spend some time to complete the documents in as much detail and as accurately as possible if you would like to achieve your objective of raising finance.
So, jump right in and get started our country needs more and more successful entrepreneurs and you could be one of them.
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