Do I Need a Business Plan?
Business Plan Outline
There is no official business plan format. You can be as creative as you would like and you can write your report in any order you would like. Some
important factors to consider:
- Know your audience – is your plan for management purposes only or is it to be also formally viewed by lenders? A plan made for in-house purposes only is more likely to contain jargon and detailed system structures. Whereas, a financial plan will avoid jargon and will care more about the feasibility of the business.
- Avoid jargon – avoid “slang” and business “lingo” wherever possible
- Divide your plan into clear sections – i.e. Marketing, Finances, Competition etc. (example to follow)
- Choose quality vs. quantity – don’t try to fill this document full of “fluff” in an attempt to impress readers. Instead try to impress them with the quality of the idea and how it works.
- Know your plan – have a clear understanding of absolutely everything in your plan. Financial lenders will not take you seriously if you don’t fully comprehend every facet of your plan.
This section is designed to adapt to the user. Use what you need,
discard what you don’t. Keep in mind however, the more you plan, the stronger your businesses foundation will be. Include numbers wherever possible.
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