The business plan: our guide to writing a successful business plan
Many companies spend weeks preparing a sales presentation to a customer, but overlook the necessity of taking the same care when dealing with their bank manager or a potential investor. Banks and investors look for detailed information to accompany an application for funds. Therefore management need to be able to write an effective business plan in order to raise money.
In simple terms a business plan is a document which:
- Sets out your company’s plans
- Shows how those plans can be achieved
- Demonstrates that the planned outcome meets the requirements of the reader
The business plan should describe your company and project concisely and accurately. However, a business plan is also a selling document and the description should therefore also be attractive.
Whilst the business plan should recognise that your project will not be a stationary target, it should show the current status, current needs and future prospects of the project. The plan should also emphasise the strengths of your company but at the same time be realistic about its problems – and how you propose to overcome or minimise them.