Drawing up a business plan is crucial to the actualisation of your dream venture. The primary goal of a business plan is to define what your business is and how it intends to develop over time and move forward.
Business plans are not only important for staying on track, but also key to getting investors to take the bait — getting you the financial investment you need to be successful. In addition, it enables you to recognise the viability of your ideas.
What should a business plan consist of?
This document should clarify the direction of your business, and show potential investors you have thought your plan through.
This can be done by including a description of the business, its products and services, and even simulating your ideal customer and target market. The components of a traditional business plan include an executive summary, opportunities, an execution plan, a company and management plan, a financial plan, and an appendix.
Enslins is equipped to assist you with this process by means of our business plans and cash flow projections, which include:
- Obtaining an understanding of the business and client needs;
- Identification and understanding of the relevant business industry;
- Consideration of laws and regulations affecting the business;
- Identifying the target market;
- Research on the business and related products; and
- Cash flow projections.
How to draw up a good business plan
As for drawing up a good business plan that will make a lasting impression, we’ve consulted the expertise of Patric Hull in a Forbes article.
According to Patric, these plans should be kept short and straight to the point. “Even if it sounds nice, fluff gets you nowhere and wastes space. Plus, no investors want to read a long business plan,” he states. Other tips include being realistic and honest in admitting challenges and opportunities, making sure that you include visuals like graphs and charts, and being visually creative.
Let us help you plan for success! Contact your nearest Enslins branch to get the help you need.