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Business Plans (Part 2) – What should go in your business plan?

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A good business plan is usually made up of two key parts. The wordy part that explains how your business operates and what it needs and the number part which demonstrates how the business has performed and intends to perform. 

Proposal

Much like a mission statement the proposal should set out what you need and how you intend to achieve your end goals. So for example if you are after investment from Crowdfunding the proposal should say how much money you intend to raise and why your idea is viable.

Key personnel

This is the time to showcase the experience, skills and past achievements of key business management and personnel, reinforcing to the lender or investor that you are capable of delivering on your plan. Look upon it as presenting a short CV on yourself. Headshot photos also give the personal touch.

Market and customer base

This area is key. You should explain your product or service and how it fits within the market you operate in. Consider your market share and your main business rivals. A strong understanding and explanation of your customer base will demonstrate you know your business.

Operations

This section should explain clearly how the business will operate in detail including key suppliers you will use and how your supply chain will operate. Mentioning how you will market your business and the service providers you will use also helps. Explain the strength of your relationship with these key parties and how you are supported by them.

Financials

The numbers side of the plan is where we can help most. You may require a range of financials such as profit and loss accounts, balance sheets, cash-flow forecasts which can be historical, current or forward looking. It may be handy to present a selection of ratios to help explain the figures such or a break-even analysis. Graphs, charts, and the inclusion of your logo and colour scheme all help to give a professional finish. Finally the numbers section of the plan should identify the financial risks and how they will be mitigated. A plan that does not highlight and respond to perceived risks could be viewed as weak and poorly considered.

If you need a business plan contact Stephen Hill Partnership today. We are specialist business planners with a wealth of experience in this area. Download our App.

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