Developing a Business Plan
Developing a Business Plan
Business Plans can have a number of purposes. Often, it is to “sell” an idea to someone else. This may be a venture capitalist who you are hoping will provide finance in order to help you launch a fully fledged business or venture. It may also be a potential business partner, who can provide both finance to assist with the project and skills and knowledge which complement your expertise and experience, and who will help develop your idea further.
A venture capitalist or potential business partner would have a keen interest in:
identification of the product or service.
understanding the problem that it solves or need that it meets.
knowing if there is a market for it and the size of the market.
knowing what the competitive advantage is of the product or service.
who is on the management team and what are their skills and experience.
how much funding is needed to make it into a viable business.
The Business Plan is the vehicle for detailing this information.
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Content and Format of Business Plans
While there is no compulsory format, Business Plans would normally need to cover the following areas:
Executive Summary:
This is a crucial section. It summarises the key features of your plan, and needs to grab the attention of the reader. It should be written in a clear, logical style, and be no longer than three pages.
The Industry – The Company and its Products or Services:
What industry is the company in? Its products and services need to be explained very carefully in non-technical language so that a non-specialist can understand it.
What is the competitive edge?
What is the entry and growth strategy?
Market Research Analysis and Plan:
This needs to address issues such as the customers, market size, competition and competitive edge, market share and strategy, pricing strategy, sales force and distribution, advertising and promotions strategies.
Business Operations:
How will your business operate?
How will you make the products or provide the service?
Where and how will you source the raw materials?
Who are your suppliers?
What human resources do you require?
What are your research and development plans?
Management Team Profile:
Who are the key management personnel?
Does the management team have the ability to turn the Business Plan into a successfully operating business?
What range of skills and experience do they bring to the business?
How will you fill any skills gaps?
Financial Plan/Projections:
This is a complex section and needs to include for example:
23. a realistic assessment of sales, costs, cash flow and working capital;
24. a profit and loss statement and balance sheet;
25. the company’s growth prospects over a three to five year period;
26. what assets does the company have (tangible and intangible);
27. what is the level of gearing or debt?
28. amount of finance required and how it will be used.
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