The best way to create a major business plan

Writing a top business plan is essential for raising money whether from banks or from possible partners. The irony is of course that so few entrepreneurs have much experience of writing business palns. Below we have put together some big ideas on how to make your business plan better

1.What are your objectives. Before you even begin writing think what you are trying to achieve. Is the plan for a financial investor who is going to be very interested in the return or are you applying to a bank who is going to be most interested in risk and security. If writing for venture capitalists they will often want an exit after three or five years' time so that needs to be foremost in your mind

2. Write for the audience. Don't write the plan for a scientist when it is going to be read by Aunt Agatha or your bank manager . If you can communicate your idea easily then you've also got a much greater likelihood of raising money.

3. Plan it . Writing is best done on a stage by stage basis. We advise that you begin with the page headings, then the paragraph headings, then write the executive summary and only after that commence on the bulk of the plan.

4. Show them the sales and bottom line. Whilst investors and banks should look at all aspects of a plan in practice sales and net profit attract most scrutiny. The reader must believe your sales forecast whether it is based on a good past sales track record or an analysis of what market share your new product could realistically be expected to take.

5. Be clear and concise. Your business plan should not be too long or a one page summary we recommend ten to twenty pages is optimum, Your business plan also needs to be well layed out with bullet points, paragraph headings, page headings and summary Supporting data should also added as appendices and as foot notes. The objective is for the reader to be able to very easily follow your story and quickly find the bits he is interested in

6. Put within an industry context. This will lead the reader to understand and believe your sales projections. Your analysis of the market, industry and competitors must show that you fully understand the risks and opportunities.

7. Set out the basics. All plans have certain things in common. These include market size, potential customers, unique selling points" etc. Others include your management team, employees, premises, resources and risks. We recommend packaging the plan with a one-page executive summary at the beginning and a clear conclusion at the end to repeat the salient points.

8.get advice . {Many banks offer free advisory services for small businesses|Many government schemes provide free business services including business plan writing{}. Ask your accountant or lawyer to check that the plan coherent|Alternatively ask your accountant or lawyer to look at your plan - they will be getting lots of fees if you do raise the money}. Alternatively show it to a friend and ask him to play "devil's advocate

9. Competitor analysis. A common mistake in business plans is not to spend enough time analyzing the competition. Not only what they are dong now but also analyzing how they react if your company or product is successful

10.Keep revising. Your business plan should evolve over time. After each pitch you should be revising. In particular revise those parts which seem to be causing concern to readers. Put some time aside to improve those parts Similarly you should be updating your plan with progress made eg finance raised or new investors who have committed funds.

This ends our introduction to business plan writing AS always we hope the tips will be of use to you soon

Article Source: http://gamblingarticlessite.com

Paul Jones is the marketing manager at Peacock Bar www.the-peacock-bar.co.uk or email bookings@the-peacock-bar.co.uk

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