business plans. “ a failed business did not plan to fail – it failed to plan”
TRANSCRIPT
Business Plans
“A failed business did not plan to fail – it failed to plan”
What is a Business Plan?
It is a written document which sets out
the following: Who is setting up the enterprise What is the product/service How it is going to be produced and promoted Where it is going to be sold Where the finance will come from
Tips for Writing a Business Plan
Accuracy Brief Clear Realistic Advice
Why prepare a Business Plan? It states the goals and objectives of the
business and how these are to be achieved
It helps an entrepreneur think through their ideas and anticipate possible problems and how to overcome them
It is required by financial institutions, county enterprise boards etc when finance or assistance is being sought
It sets targets against which to measure the actual performance of the business
Elements of a Business Plan
Business Description Personnel Marketing Production Finance Other relevant information
Business
Plan
Remember….
In business there will be short term and long term goals
A Business Plan must be flexible to allow for the changes necessary to cope with unforeseen events
A Business Plan is not a once off document but a guide to assist in managing your business.
A business will have to be updated and revised as the business progresses