Call Sam Frank at or e-mail us to discuss the possibilities. Business planning is one of the three core activities of integrated planning.
Appendix Who Needs Business Plan? A business plan is particularly required for ventures that are to be created or created for profits i. So, the following categories of people will need a business plan at some point.
Start-ups; entrepreneurs with ideas who wish to start a business. Young companies; businesses that are already in existence and are looking to change things in their organizations. Contractors and contract seekers. Students and Idea generators seeking grants and funds to start their businesses.
Purposes of Writing a Business Plan Different individuals and organizations have various reasons for writing a business and one major ulingan business plan for the different is the use to which they want to put the business plan. Idea development and Start-up Planning: Ideas are the seeds of businesses and how organizations were developed.
An idea will be of no use if it is not developed and the implementation is carried out as well. A basic way developing an idea is by creating a business plan.
This means transferring the flashes of thoughts into paper. There is a saying that the faintest of writings last longer than the sharpest of memories.
The ideas one has in their heads are vague in nature and it is in putting them to paper that you start to develop them and also get more ideas. For people going into a new area of business, they will need to research the area of business and definitely come up with a document which one can call a business plan.
The composition of a business plan shows that a level of research is required especially when it comes to market, sales and financial projections. Business Evaluation, Expansion and Reorganization: In the lifetime of a particular business, they need to evaluate their existence, products, strategies and business models.
This cannot be done by simply having board meetings with people sharing ideas. It will require preparing a document or a fresh business plan that will detail the new business model they need to invest in.
If an organization needs to re-strategize or expand their scope of business, then there is need to have a working document to follow through with it. For Grants and Fund Raising: The key challenge of start-ups and most businesses has always been on raising funds for their organizations.
So, individuals and corporate organizations including investment banks who desires to help small and media scale enterprises, ask for business plans or a proposal that will qualify one for their funding.
In this situation, the business plan must go a long way to convince the investors that the business is viable, feasible, can make profit, scalable, can be sustained and will also add sustained value. Your strong convincing points to get funding will be detailed out in your business plan. Writing a Business Plan Before delving into what it takes to write a business plan, let make some things clear; A business plan is better written by professionals who specialize in it and this can be found amongst freelancers and business writers or consulting firms.
A vague idea of a business is not enough to produce a workable business plan. One needs to be aware of geographical implications of starting a business. That a business works in the Caribbean does not mean it will work in Nigeria; the two countries differ on so many fronts.
A detailed research is required on the business. You must understand the sector you desire to go into. Compositions of a business plan They have been listed earlier, so in this section I will discuss in detail what they involve and why they are important for your document.
This can be described as the brief of your entire document and what one should expect to see in your business and the full document. It is considered the most important especially for those seeking funding. It will give the investor a brief idea of whether your business idea can work or not. It is advised to write it last after the whole document is written but it is the first part to include in the document.
The following should be including in your Executive Summary: Explains what your business is about and should include many sentences but be limited to a paragraph.
Covers a short detail of company, founding date, and name of founders, their roles, employees and business location. For start-ups and new businesses, you will not have the information that an established company has, so it is better to detail some background information about yourself, your ideas, products and services.
You will have to prove that you have carried a thorough research of the market and sector, with strong points that you can succeed in it. The Executive Summary will determine whether one will want to continue reading your business plan, so every word must count.Welcome to your guide for doing business in Pennsylvania!
Whether you are thinking about starting your own business, expanding your existing company, or are considering a move to the Keystone State, this site will provide useful information to help you work smart and live happy in Pennsylvania.
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GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN August - Start-up summary, i.e. when you started or intend to start and first action plan - Type of business and sector - Any relevant company history and what you foresee for the future development Management Summary.