When most people think about writing a business plan, they envision a long, dry, extensively detailed document with masses of data and financial forecasts.

Unless you are seeking outside funding, your business plan doesn’t have to be all that complicated to be effective. It provides the blueprint for how you intend [...]]]>

Start a plan

When most people think about writing a business plan, they envision a long, dry, extensively detailed document with masses of data and financial forecasts.

Unless you are seeking outside funding, your business plan doesn’t have to be all that complicated to be effective. It provides the blueprint for how you intend to build your business, so the plan only has to be as long as you need, depending on the size of your business. When writing your own business plan use it to map out your goals, action plans and financials. This will significantly increase your chances for success.

Who needs a business plan?

Many profitable business owners revisit their business plans on a yearly basis to get themselves organized for the following year. It’s a way of taking stock of their progress, examining what’s working – and what’s not -  and laying out goals and plans for the year to come. Almost all of the very successful business owners will tell you that they revise action plans and business goals on a regular basis, sometimes as often as once a month.

Additionally , if you have been struggling in your business or are considering something new, the entire process of creating a business plan will help you see where you can be most profitable. It will also tell you where you are going wrong and what needs to change.

What are the key components for developing a business plan?

Most business plans comprise the following parts. If you are creating a proposal for a business loan, you’ll be given more precise requirements. But for your own business, these components should be sufficient to define your business plan structure. You will find a S.W.O.T. (strengths, weaknesses, opportunity and threat) analysis of great use when researching the material necessary for preparing a business plan with these components.

1. Description of your business model and target market. The kind of business you are implementing and your target market.
2. Your unique selling proposition. What you have to offer that makes you different from everyone else.
3. Business goals. Your specific, measureable goals that you want to achieve and when. Remember  S.M.A.R.T. – Specific, measurable, attainable, realistic and time-based.
4. Marketing Plan.  Your marketing strategies and their timeline.
5. Action Plan. The tasks you need to complete and when.
6. Financial forecast and budget. What this is going to cost you on an ongoing monthly basis, and what kind of revenue you expect. How long  is it going to take to break even and then to make a profit?

   

   Financial forecast

http://office.microsoft.com/en-us/word-help/creating-a-business-plan-HA001159454.aspx .

When should you create a business plan?

A business plan is a living, breathing document that grows and changes along with your business. When first starting a new business, it helps determine if you have a good, financially viable idea. Revising it at the beginning of each year helps you to plan your goals and strategies.

You  must revisit your business plan regularly. As market conditions change, government laws or regulations change, or you aren’t seeing the results you expected, then it’s time to adjust your plans. Use it as your guide and refer to it often as you plan each week, but don’t let it restrict you either.

Your business plan is your blueprint for success, and anyone operating a business will benefit from creating one – whether you are working online or offline. It doesn’t have to be the long, formal document that many business organizations prescribe. Let the level of detail be determined by how complex or simple your business is.

Terence Kierans CAVB (Certified Australian Virtual Business)
Principal, Cyberspace Virtual Services
PO Box 93 Quinns Rocks, Western Australia 6030
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