Every wholesale, retail, and/or service business can benefit from the preparation of a carefully written business plan. There are two main purposes for writing that plan. There is an additional benefit if you do business internationally.
The following pages provide a suggested outline of the material to be included in your business plan. Your final plan may vary according to your specific needs or individual requirements of your lender or investor.
Developing an effective Risk Management Plan can help keep small issues from developing into emergencies. Different types of Risk Management Plans can deal with calculating the probability of an event, and how that event might impact you, what the risks are with certain ventures and how to mitigate the problems associated with those risks. Having a plan may help you deal with adverse situations when they arise and, hopefully, head them off before they arise.
A well-prepared, attractive written business plan is an essential document in the quest for either debt or equity financing , to provide a benchmark against which to compare actual company performance, and to refine strategies and develop ideas on how the business should be conducted. From a practical standpoint, a business plan serves as a road map for how you plan to grow the business and take it to the next level.
Although the written business plan of a start-up venture must be tailored to the particular business and industry, the essential items in a written business plan include the following:
Disaster recovery risk assessment and business impact analysis (BIA) are crucial steps in the development of a disaster recovery plan. But, before we look at them in detail, we need to locate disaster recovery risk assessment and business impact assessment in the overall planning process.
To do that, let us remind ourselves of the overall goals of disaster recovery planning , which are to provide strategies and procedures that can help return IT operations to an acceptable level of performance as quickly as possible following a disruptive event. The speed at which IT assets can be returned to normal or near-normal performance will impact how quickly the organisation can return to business as usual or an acceptable interim state of operations.
A business plan is a written description of your business s future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you ve written a plan, or at least the germ of a plan.
Business plans are inherently strategic. You start here, today, with certain resources and abilities. You want to get to a there, a point in the future (usually three to five years out) at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets. Your plan shows how you will get from here to there.
This article is part of our “Business Planning Guide” —a curated list of our articles that will help you with the planning process!
Every business has long-term and short-term goals, sales targets, and expense budgets—a business plan encompasses all of those things, and is as useful to a startup trying to raise funds as it is to a 10-year-old business that’s looking to grow.
This article is part of both our “Business Startup Guide” and our “Business Planning Guide” —curated lists of our articles that will get you up and running in no time!
You’ve reviewed what a business plan is , and why you need one to start and grow your business. It’s time to dig into the process of actually writing a business plan.
Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That's why a business review or preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail. A sound plan should:
For inspiration (and a few smiles), have a look at some of the quotations and examples of bad advice included in other pages!