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Business Plan Preparation

When an entrepreneur is developing a new business, one of the first things he does is prepare a business plan to “flesh out” the concept of the business. A business plan is a written description of the business, the factors that may affect its success, and usually the financial needs of the business. The simplest business plan, or at least the seed of one, can be a written description on the back of an envelope or napkin.

Who Uses Business Plans?

People who prepare business plans and those who read them use the plans for a number of reasons. Outside individuals or organizations consider a sound business plan the first requirement when considering an investment. The business plan conveys the entrepreneur’s vision and intent to the potential investors by establishing a road map for the business, improving its chances for success.

Firms attempting to attract key staff members, to prospect for new business, and even to deal with new suppliers use business plans as a description of the company with which they are considering a long-term relationship.

The Business Plan

Business plans can be as simple or as complex as the entrepreneur wishes or the nature of the business dictates. But what goes into a business plan and how is it put together?

Simply put, a business plan describes the business in enough detail to entice investment or to give the entrepreneur sufficient guidance for the operation of the business to improve his chances of success. A typical business plan conveys the type of business, its goals, and the strategies the entrepreneur plans to meet them. An extended business plan will include descriptions of potential problems the business may encounter and the planned ways of solving those problems, the staffing and organizational structure of the business (with descriptions of the positions and their responsibilities), and a financial analysis of the company’s investment needs and expected financial budgeting.

A properly prepared business plan can be quite impressive, if done correctly. A good business plan will follow generally accepted guidelines in both format and content. There are three basic parts to almost any business plan: the concept, the marketplace analysis, and the financial information.

The Concept

Even the simplest of business plans must have this section. Presenting the business idea in this section, the writer includes detailed descriptions of the business’ particular product line or service. Explanations of how the business plans to deliver them to their clients or customers are also included, as are any strategies the business intends to use to insure its success.

The Marketplace Analysis

In the second part, the entrepreneur describes and analyzes the potential market of the business in detail: who are the customers, where are they, what makes them buy, etc. The entrepreneur also describes the competition in the marketplace and how the company will position itself to beat it.

The Financials

The third part of the business plan contains an evaluation of the expected financial activities and budget for the company. This section includes your anticipated income and cash flow statements, a projected balance sheet and particular financial ratios, including a company break-even analysis. More complex companies may require the assistance of an accountant or financial software in their preparation of these documents. The plan writer should make sure that these projected financials are realistic. Would-be investors will be going over these with a fine tooth comb and will not be impressed by exaggerated numbers.

The Business Plan Details

These major sections can be broken down even further, identifying seven key components. Under the concept, the executive summary, business description and market strategies are defined and explained in detail. The second section, the marketplace, contains the competitive analysis, the business design and development plan, and details on the operations and management of the company.

The financials, naturally, take their own section and consist of projected income statements, projected cash flow statements, balance sheets and financial ratios. The financials should include three to five years worth of projected information. The first year should be presented as a monthly projection, the next one to two years as quarterly summaries, and the last year or two as annual projections. As with any plan, the executive summary is usually written last and contains a summary of the other sections. It is the most important part of the plan because if it is poorly written then the reader probably will not read any further. In addition to these sections, a business plan should also have a cover, title page and table of contents. Occasionally, business plans can include additional materials such as resumes of key staff, letters of intent from other investors, etc.

What Our Company Can Do

Many of our professional writers have previous experience in commercial and corporate technical writing. Their writing skill can help create an impressive and persuasive business plan for your company. By hiring a business consultancy firm like ours, the entrepreneur can significantly improve the quality of his or her business plan and increase the potential success of his business. With their extensive knowledge of and experience in the field of business, they can also help spot areas in the business plan that the entrepreneur may ordinarily overlook or not recognize the importance of the material.

Our writers, being professional researchers as well, can assist with identifying business trends and competitors within the industry and help further develop the business idea itself. They can also help develop your financials by researching the economic statistics of your company’s industry, summarizing them for inclusion in your business plan.

Lastly, our writers can concisely and persuasively summarize the major points of the business plan, preparing a high-impact executive summary that will encourage potential investors to read beyond the executive summary. All it takes to access the skills and talent of our writers is a simple order. In the order, give as much detail as you have, even if it is no more than a basic concept, and set them to work. You won’t be disappointed.

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