Business Planning

So, you have a good business idea, or you want to expand an existing business.

The preparation process is the most crucial part. If sections were overlooked, then those critical pieces of information may cause issues further down the line.

To start the preparation process, you will need:

The business plan consists of the following possible structure:

  1. Executive Summary.
  2. Mission Statement.
  3. Business Description.
  4. SWOT Analysis.
  5. Industry Background.
  6. Market Analysis.
  7. Marketing Plan.
  8. Operations Plan.
  9. Management Summary.
  10. Legal Requirements.
  11. Financial Plan.
  12. Achievements and Milestones.

Now, we are going to do something unconventional here. We are going to turn the order of your research for your business plan on its head.

Typically, you will start writing a business plan with the Mission Statement and Introduction, but we will start with the Financial Viability. The reason for this is that if your figures do not stack up, then you have spent many person-hours researching for nothing, and there is no need to go further with your planning.

You can also use the Financial Viability section to re-evaluate your needs and requirements and adjust your original thinking to start or expand the business.

See you in the next post.

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