How To Write A Detailed Business Plan

This highly recognized management tool is basically a written document that describes who you are, what you plan to achieve, how you plan to overcome the risks involved and provide the returns anticipated.

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If your business is all in your head, it's hard to convince lenders, investors and shareholders that you have a credible company and that you'll use their funding well.

And that's precisely where a business plan comes in.

Potential investors will also want to see the expected return and sources of funding, while shareholders are looking for the prospect of the share price and what dividend they can expect on their shares.

Generally, lenders, shareholders and investors want facts and figures that back up what you say. Keep in mind that you should have a lawyer look over all contracts and legal issues.

Basically, your market research helps you understand your customer needs so that you can offer a product or service that precisely fits those needs.

You'll need to provide information such as your target market, customer demographics, competition and distribution methods.A good business plan should outline all the costs and the downfalls of each decision a company makes.Business plans, even among competitors in the same industry, are rarely identical.You should include information on how you plan to recruit and maintain your employees or handle outsourced work.Do an assessment of the company's needs with regard to premises and capital goods (such as machinery, technological equipment).Usually, banks and venture capital firms make a viable business plan a prerequisite to the investment of funds in a business.Even though it may work, operating without a business plan is not a good idea.Provide information on competitor weaknesses and strengths and show how you intend to improve on what they're doing.Use organization charts to clearly spell out the roles of key management people and the proposed size of your organization.Sometimes, a new business plan is prepared for an established business that is moving in a new direction.A business plan is a fundamental tool any startup business needs to have in place prior to beginning its operations.

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