Management

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Your Blueprint for Business Success

 

Most business people intuitively know that the key to a profitable business is having a business plan — a blueprint for success. However, many companies operate without one, focusing instead on the issues of the moment without committing to a long-term strategy.

 

A business plan does not need to be complex, but it does require several elements to be effective, including:

 

1. Executive Summary;
2. Description of the business;
3. Marketing Plan;
4. Financial Management Plan; and
5. Management Plan.

 Appendices to the business plan should include supporting research documents and financial projections.

 

Writing your business plan down

 

To help develop your business plan, sit down and write answers to the following:

 

• What is a reasonable expectation of profitability and in what time frame?
• How will the business pay you and any team members?
• What are the estimated expenses?
• What is the pricing strategy?
• What is the demand for what you are offering and what profit margin can you expect?

 Keep in mind your business values and mission and make sure your business plan reflects these.  Your business plan should serve to:

 

• Help you determine and coordinate all aspects of business operations.
• Give you a means to analyse and determine how best to improve your business.
• Assist you to determine the risks and benefits associated with any changes.
• Decrease your chances of making a mistake or not considering important factors in your business.
• Increase your chance of success.