Business Plans

The importance of a complete, thorough business plan cannot be overemphasized. Much depends on it, including loans, funding, credit, suppliers, management team for your operation and finances, promotion and marketing of your business. This is not to mention your own clear vision of the ability of you to reach your goals and objectives.

Even though a business plan is absolutely vital to the success of a business, many entrepreneurs delay and avoid the completion of a formal written document. They content that their marketplace changes too fast for a business plan to be useful or that they just don't have enough time.

Builders often say, “measure once and cut twice, or cut twice and measure once.” In other words, if you don’t take time to mark the course and plan, you will waste much time attempting to move your business forward.

Take the time to complete that business plan today.

Below are a few of the items that I consider mandatory for a good business plan:

• Financial forecasts and model of projections of what your business will do. This is often called Performa analysis.
• What service or product does your business provide?
• What is your target market?
• What need does the product or service fill?
• What are the barriers to entry in your business?
• How will you get through these barriers to Entry?
• What are you competitive advantages?
• Who is on your management team?
• How will you develop a channel for your products/
• What is the timing of funds or money collection?
• What will be your emergency plan in case of negative events?
• Who are the potential customers for your product or service and why will they purchase it from you?
• How will you reach your potential customers?
• What is the projected return on investment?
• Where will you get the financial resources to start your business?