A business plan is the most important document of any business whether big or small. Most entrepreneurs think that a business plan is only needed to secure loans from a bank.
But a plan is beyond that. It helps you to better understand your objective, targeted turnovers, risks and solutions challenges that affect your business.
In fact, being able to describe your business, category, target market, financial projections, prospective clients, and so on is what makes up a business plan.
Below is a checklist of important things you need to include in your business plan. Remember, items in the checklist do not necessarily follow each other as arranged
This is normally referred to as Company overview; these items introduce your mission and objectives, products and services ranges, applied technology and unique innovations. You don’t forget company history, location and vision.
Company mission and vision
This represents what you stand for. It explains reasons why you are into that business and what you do. It also gives people your projected vision and where they should expect your business in future.
This helps you to explain the source of your capital; is it a joint venture or privately funded? Where and how do you expect to raise more funding of the business, what are your targeted returns? This actually explains whether the project is worthwhile.
An executive summary or a brief summery the entire plan helps the readers to understand the project before they actually go on to read the entire project. This is your selling item in your business plan.
This includes the location, your administrative and management structure and the entire operating system of your business. This is well explained in an organisation chart.
This talks about your target market, provides results for your, how best you are ready to capture the market. Try to put down your best market approach in terms of competition. Under this
section, include your marketing plan- this is mainly product, place, price and promotion.
Risk breakdown and improvement
This item will help you explain of possible risks you are likely to encounter and how best you are well-suited to resolve them. This will help you to have a clear view of how to avoid losses and maximise profits.
Explain how some of your projects will be executed. This will answer questions like how your projects need to be done before you start and relevant things needed to start off and sustain the business.