How to Prepare a Business Plan
by Sue Naylor
Realistic business planning is essential to the success of any new as well as established business venture. Strategic plans involve documenting the underlying procedures associated with the business, its objectives and goals as well as including financial forecasts. All the other business ideas are also integral to business planning. Apart from these key elements, the business plan should also have information regarding securing funding from external sources as an indicator of its success. Organizing the required resources to meet your business objectives need s a well-defined road map to operate the business and also measure the progress that is made along the course.
A high quality marketing and strategic plan always has a detailed description of the project along with the other critical components like the promoters, comprehensive information regarding the technical assistance from marketing, finance, production and management, financial information and the suggested managerial arrangements, etc.
An executive summary that draws and retains the attention of the reader always contains the salient points of the business plan followed by an introduction on a page or two is the right format to follow. The subsequent pages should contain comprehensive and detailed information about the business plan. This includes, but is not limited to the table of contents, a description of the industry, a description of the business venture, the goals of the business, the marketing plan, the sale s forecast, production plan, corporate structure, risk assessment, action plan, financial plans, statements and forecast and capitalization. A good business plan is also great resource to refer and elaborate on a specific aspect of the business at a later point in time.