OK, We all know how planning is helpful to the growth of businesses. If you only want to work a set number of hours per week, you must identify the products and services that deliver the returns you need to make that a reality. Also, for businesses that require large facilities for manufacturing, warehousing, and so on, this information is an important part of your plan.
It is common for businesses, especially start-ups, to have three or four formats for the same business plan. Please note, this program does not include funding for marketing research or marketing planning. The above example is very simple, and is provided mainly for small start-up businesses which might otherwise neglect to provide for tax liabilities.
All aspects of your business plan are essential in their own right, but it’s important to make sure the financial elements are accurate and in order. But mention business planning to most entrepreneurs and they are likely to react as though they have just learned that they need double root canals.
There are a variety of ways that businesses will compete, but more often than not it is based on the USP (unique selling proposition) of the firm which distinguishes the company and its products from other competitors. Where a department is a ‘cost centre’ not a ‘profit-centre’ – providing products or services internally to other departments rather than externally to customers – then the language and planning elements may alter, but the principles remain the same.
A well-written business plan can help convince investors or lenders to finance your business. This section of your business plan should show off your management team superstars. It should also strive to describe both your physical business and your company financials.