All you Need to Know to Write the Perfect Business Plan
Many gurus insist that a business is only as good as its business plan, which should contain all the information that any potential investor might want to know about the proposed business. Don’t make the mistake of thinking that if you are not in need of investment, you don’t need a business plan, as this couldn’t be further from the truth. Indeed, your business plan should be your Bible, to be referred to constantly, as you put your plan into practice. Here are some of the essential ingredients you will find in a good business plan.
Overview of the Business
This would include the vision and mission statement, outlining the business objectives, while pointing out values and qualities, and the overview would describe the community involvement at the grass roots level, which might come in the form of sponsorship or funding for a community initiative.
Business Formation
There are many ways to register a business, which should be carefully considered and whether you’re looking for company formation in Bangkok or London, a Google search will put you in touch with a competent business law firm that can advise and process your application. You might be best with a sole trader, or a partnership, or even a limited company, it all depends on the scope and nature of the business.
Business Assets
These might be in the form of:
- Property
- Vehicles
- Machinery
- Stock
- Equipment
All should be listed, along with current value, plus a list of expected needs in the future, to give the reader a full view of everything the company owns.
Working Capital
All the figures regarding the running expenses would be listed, alongside the various assets, which gives the reader an easy outline of the finances.
Marketing
Your marketing strategies should be clearly defined, as should your target groups and exactly how you plan to engage with them. Most business plans are primarily digital, due to the high level of online exposure, and if you haven’t already forged an alliance with a leading digital marketing agency, this should be a priority, even before you begin trading. Marketing should be regarded as the cutting edge of the organisation, as this defines your performance, and with a good SEO company in your corner, you should get the online exposure you need.
Insurances
As a business owner, it is your responsibility to minimise risk, so make sure that you are insured to cover all eventualities, as an employee accident would wipe you out with a huge compensation claim. Aside from Public Liability Insurance (PLI), you will need Employers’ Liability Insurance (ELI) if you have any staff. All vehicles and buildings should be covered, as should all stock and machinery, and this minimises the risk of having to make a large payment due to something out of your control.
When you think your business plan is as good as it gets, hand it to a business guru and he or she will pick holes in it (there will be weaknesses that need to be addressed, and then you can be sure that nothing has been overlooked and that you are ready to take on the world.
