For a new business, a business plan helps improve your chance of securing financing and investment. Be aware now that most start-up entrepreneurs are reluctant to write down their business plan. Alternatively, keep your current phone – simply pay it out, along with any amount Optus was going to cover and get the latest one on a new 24-month plan. Remember that the person reading the plan may not understand your business and its products and services as well as you do; so, try to avoid using complicated terms.
John built his last company from a one man business to a multi million dollar operation. Traditionally business plans have been highly confidential and quite limited in audience. Research (use search engines) to find business plans that are available on the Internet.
Get your 30-day free trial of Business ToolBox, available to Lloyds Bank business customers and those in the process of opening an account. Gathering the information is also of great benefit to you because it helps you understand your business and what you need to do in order to succeed, and it gives you a clearer picture of your competitors and your market.
Keep in mind that your plan is never ready for submission until you’ve read and re-read it several times and made any necessary changes. If your business has not yet started, use market research and statistics to help guide your projections. Well, believe me, as you truly delve into the details of the plan and your business, you will be wondering why there isn’t more room for details!
Students: enter as a competitor or volunteer with the Business Plan Competition. To use your business plan to grow 30% faster than the competition, you need to track your actual results – the sales that you get and the expenses that you incur – against the goals that you set out for yourself in your plan.