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Framing a Business Plan
- By Douglas Kelly
- Published Monday 22nd 2008
- Starting a Business
- Unrated
Writing a business plan is as difficult as predicting the future. You are required to spend lot of time in preparing a list of long term goals and the objectives for your company. This helps you in knowing what you are doing and what the point where you want to reach is. A strategic plant with quarterly objectives can help you in fulfilling that lifetime dream.
You should communicate well with the investors, bankers and your partners while framing objectives and long term goals. This will help you in staying on the track and keeping planned strategies, rather than dreaming about virtual things.
Many entrepreneurs misunderstand the two terms, business plan and financial proposal even when both are far different from each other. Business plan is a long map that is made to guide your business towards the goals set for it. It has every detail about what, why, where, how and when of the business.
Financial proposal is a request for money, that is based on the business plan and objectives you have made.
Writing a winning business plan is not an easy thing. It requires lot of study, research and time. So do not rush to get things done in one or two days. Firstly, write down all the ideas and goals coming to your mind on a rough paper. There might be 10,000 ideas per minute, but take the best ones for sales promotion, recruiting distributors and other operational strategies required to run a business.
Later, take out these ideas, evaluate them, rework on them and try to fit them into the overall picture of your business plan. It is seen that even the best plans for small businesses are of 25 to 30 pages, therefore title each page and arrange all the aspects into chapters. The format of the entire business plan should be really neat and clean.
Setting up questions to answer about the business helps you in doing critical analysis of your ideas. You will be clearer about the weakness and strength of your business plan. Keep them in mind, include in the business book and see how profitable these would be in managing the business.
You should communicate well with the investors, bankers and your partners while framing objectives and long term goals. This will help you in staying on the track and keeping planned strategies, rather than dreaming about virtual things.
Many entrepreneurs misunderstand the two terms, business plan and financial proposal even when both are far different from each other. Business plan is a long map that is made to guide your business towards the goals set for it. It has every detail about what, why, where, how and when of the business.
Financial proposal is a request for money, that is based on the business plan and objectives you have made.
Writing a winning business plan is not an easy thing. It requires lot of study, research and time. So do not rush to get things done in one or two days. Firstly, write down all the ideas and goals coming to your mind on a rough paper. There might be 10,000 ideas per minute, but take the best ones for sales promotion, recruiting distributors and other operational strategies required to run a business.
Later, take out these ideas, evaluate them, rework on them and try to fit them into the overall picture of your business plan. It is seen that even the best plans for small businesses are of 25 to 30 pages, therefore title each page and arrange all the aspects into chapters. The format of the entire business plan should be really neat and clean.
Setting up questions to answer about the business helps you in doing critical analysis of your ideas. You will be clearer about the weakness and strength of your business plan. Keep them in mind, include in the business book and see how profitable these would be in managing the business.