Preparing Business Plan
- Internal persons of the organization with appropriate competencies can create the business plan.
- If internal persons of the organization do not possess the appropriate competencies to prepare a business plan, then, it is advisable to appoint a competent consultant to provide market/business information and assistance in preparing business plan after SWOT analysis and working out the market/business projections.
- Work out the scope of the plan.
- Decide who your target audience is.
- Decide what purposes you wish to achieve through your business plan.
- Decide the time line for completion of the business plan.
- Refer the relevant literature from books and World Wide Web.
- Compile your numbers- the required data and information.
- Start writing out your business plan in the form of a draft to be revised several times before finalizing it.
- Develop simulated financial statements: balance sheet, profit and loss statement, break-even analysis etc.
- Write a final draft.
- Get feedback from appropriately chosen people.
- Hone your final presentation of the business plan in the form of a professional document neatly divided into well thought out chapters topped up with executive summary to provide a quick overview.
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