Home | Bingo
It does not matter whether you are seeing a bank asking for a loan or a business angel for a equity investment they will want to see a business plan. The paradox is that most of us have little or no experience of writing business plans Here are 10 hints on how to write a big business plan 1.What are your objectives. Before you even begin writing think what you are trying to achieve. Are you writing the plan for banks who are most interested in risk or for investors who are most interested in return. 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. The most important part is net profit for investors followed by a convincing sales analysis. 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. Ten to twenty pages is the optimum length for a business plan, Your business plan also needs to be well layed out with bullet points, paragraph headings, page headings and summary Appendices are also essential for supporting data. The aim is to tell the story succinctly and compellingly. 6. Put within an industry context. A strong industry and competitor analysis is essential so th readers knows the position of your company or product in the market place Your analysis of the market, industry and competitors must show that you fully understand the risks and opportunities. 7. Set out the basics. Any business plan has certain necessary content like it or not. Obvious ones are introduction, management ream, company description, industry analysis, P&L projections etc. 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}. Getting a friend to play devils advocate is also a good idea 9. Competitor analysis. A common mistake in business plans is not to spend enough time analyzing the competition. Remember that includes what they will do in response to your new product or company especially if you start hurting their profits 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. You may need to make those parts stronger. Similarly you should be updating your plan with progress made eg finance raised or new investors who have committed funds. That concludes our top ten guidelines for business plans. AS always we hope the secrets will be of use to you soon
Article Source: http://www.gamblingarticlessite.net
Peter Stone is the marketing manager at Peacock Bar www.the-peacock-bar.co.uk or email bookings@the-peacock-bar.co.uk
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
