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Writing a business plan

A business plan is a plan which helps the business look ahead. When writing a business plan you need to consider lots of different factors, you need to also made your content match your purpose.

Here are some tips;

1) You will need to write from the audience’s perspective. This should be the perspective of the audience.

2) Research your market. You should undertake market research and ensure the plan includes reference to market size and the predicted growth path. An example would be an entrepreneur who is planning to set up his own internet cafe. The entrepreneur will need to take into consideration the location and the local population, as most people will have there own internet access.

3) Understand the competition.  You need to recognise if whether or not it is a particularly competitive environment. Is there a price leader? If so what can you do keep up with this. A recent prime example of this would be the competition between the leading supermarkets for the lowest price of diesel. For Sainsburys to compete with Asda they have also  had to lower there prices for diesel to below £1 per litre.

4) Focus on the opportunity.  By seeking investment in your business, you will need to describe the investment opportunity. You need to convince the investor that your business opportunity is worth investing in rather than leaving the money in the bank.

5) Review progress.  Once the plan is completed be sure to independently review it. It is also a good idea to get someone out of the organisation to review it, this way they are not biased and they can give constructive criticism on all aspects of the plan.

 

For more advice or help on this call our Manchester offices to speak to a member of our team on 0800 020 9542 or email hello@JacRox.co.

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