Completing Your Business Plan

Now we have one through the basics (and check back on the business plan template you downloaded this time last week to fill in the blanks) you can now put your whole plan together.

Understand what your business plan is for

You'll now need to prepare your executive summary.

If you are arranging finance of any kind then remember that as well as being a roadmap for your business success, your plan is essentially a SALES DOCUMENT.

Your business plan must sell your business to your lender as well as showing that the risk they are taking on in your business is acceptable.

Your executive summary is crucial - so take time over it

This is the first page of your plan.

So make it good.

In all honesty, your lender, or anyone else who reads the plan will spend most time on:

• your executive summary
• your financial statements

Because you'll be presenting and discussing your plan with lenders and others, you'll be able to answer any questions, so they won't need to actually read your plan.

Your executive summary therefore must state:

• your business aims
• the products to sell
• your customers
• why you'll be successful
• why you (ie: market yourself)
• the revenue and profit projections
• the finance required.

For the remainder of your business plan...

Be careful not to develop a "War and Peace" sized business plan.

For the majority of businesses 20 pages is enough.

And that includes your cover, index, exec summary and 3 pages of finance!

Remember to sell your business and yourself (because it is YOU who is going to make this business a success)

Planning helps you understand your business. It can be frustrating when there are no customers about and you don't know why.

Planning helps you look at your own business and the businesses of others to get the best of everything.

All the best

Peter Hale
www.teneric.co.uk