Your business plan is your company’s calling card. It allows you to see your business through your investor’s eyes. As the name suggests it is a plan of your business; your communication tool; selling your marketing, sales and operations.
Use your business plan to present your business concept in a way others can understand. You should focus on exactly what you want to achieve, where you want your business to go and how you plan to get it there. Projected sales and monthly expenses will also be included in your plan. All of this information will influence your choices, including the type of location you will be looking for. Your business plan will monitor whether you are achieving these objectives and maximize your changes of success by allowing you to keep adding to it.
If you’re a new retail business you should think about things such as will you have a walk in store? A catalogue? Will your store have an internet site? Will it enable Internet ordering? What will your delivery methods be? You should also think about who your competition is and how you are better than your competition.
Your business plan will:
o Help clarify/focus and research your businesses development and prospects.
o Provide a considered and logical framework within which a business can develop and pursue business strategies not just for the near future but throughout your business
o Serve as a basis for discussion with third parties such as shareholders, agencies, banks, investors etc.
o Offer a benchmark against which actual performance can be measured and reviewed.
Your business plan is a framework which your business must operate within. It will ultimately determine whether your business succeeds or fails. For management or entrepreneurs seeking external support, the plan is the most important sales document that they are ever likely to produce. It acts as the key to raising finance. Preparation of a comprehensive plan will not guarantee success in raising funds or mobilizing support, but having no plan at all will more than likely result in failure.
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