You're two and a half times more likely to get into business if you write a business plan, according to
We can help get you started with this business plan template, which could be useful to you if: Using a business plan template is the best and quickest way to collate all the information you need to start a business.
It’s more important that you are spending time running the business.
A business plan should include: Writing a business plan will allow you to take a step back and look at the business more objectively, predicting potential issues in advance, such as financial forecasts, and coming up with solutions or a shift in how you originally thought that you would do something.
Following a standard business plan outline will keep you on track, and save you from botching your best chance at getting your business funded.
For example, although the executive summary comes as the first business plan section, I recommend writing it after everything else is done, so you know exactly what appears in the rest of your business plan.It will explain your ideas, map out how they’ll be put into practice and provide relevant information and facts including the business details, management plan, operating plan, marketing and sales strategy, financial projections, and operational and team specifics.A business plan is essential in helping you: Look ahead to your medium to long-term sales projections and what you’ll need in place (for example, funding, a larger team, equipment and premises) to make this happen. The business plan is a living, working document that should be read and reviewed regularly.The business plan will formalise all the ideas and assumptions, keep you focused, and ensure that everyone is on the same page.How long writing your business plan should take will depend on your business size, the complexities of it and what stage you’re at.If the executive summary doesn’t captivate and interest the reader then it’s unlikely that they will read the rest of your plan.This section will involve the most amount of research as you study the current and projected conditions of the market and the industry, and look at what your competition is doing, before making your own marketing plans.The most important thing is that it’s user-friendly and doesn’t include any waffle.Get straight to the nitty-gritty so that your stakeholders are engaged when reading it and so that you are more likely to use and update it regularly.Keep things as brief as possible and entice your audience to learn more about your company.It is always a good idea to think in terms of customer needs and customer benefits as you define your product offerings, rather than thinking of your side of the equation (how much the product or service costs, and how you deliver it to the customer).