DRAWING UP A BUSINESS PLAN

Business planning is an essential component of any successful business but it is often overlooked due to pressures of day to day work. A well considered and constructed business plan can help you safeguard your own investment, focus your efforts, ease external financing problems and provide you with a yardstick against which to measure your progress. Once developed you should aim to maintain your business plan in-line with your business.

Many people decide to start their own businesses based on either a gut feel, a marketable skill or a business idea which is believed to be viable.  Some take the time to check their facts and comprehensively examine the viability of their ideas, while other just go ahead and follow their instincts regardless of the consequences.

Starting your own business not only takes guts and a lot of soul-searching, but requires the maximum utilisation of all your talents, knowledge, skill, experience and especially constructive planning and maybe even a bit of luck as well.  Many small businesses fail primarily due to a lack of planning or fatal flaw in their Business Plan.  The problem is that many people are so preoccupied or obsessed with their business idea or dream that they fail to see and admit there might be a potential fatal flaw in their plan.  This flaw often only becomes obvious later on with disastrous consequences.  A well thought out Business Plan is undoubtedly a prerequisite for success.  Never be overhasty, take your time, think it through and eliminate potential mistakes; it is worth it and will save you a great deal of time, effort and money.

Herewith the nine (9) major components of a good Business Plan, which you might find useful:

1. Make a good first impression
2. Start off with an interesting introduction
3. Provide a comprehensive description of your proposed business venture
4. Comprehensively outline your proposed marketing plan and strategy
5. The People Plan
6. The Resources Plan
7. Comprehensively outline your financial plan and strategy
   Using a computer
8. Comprehensively outline your business structure or operating plan and strategy

9. End of with a positive and motivating conclusion

South African Links

• Why you need to correct your business plan ­ continually - My Own Business
  The importance of a sound business plan is generally accepted. What is overlooked is the the need to continually update that plan.

• Business plan - Business Partners
  A well thought out South African guideline to developing a business plan. It lists the most critical factors which determine success of a new business venture.

International Links

• Business Plans - SBA - The business plan roadmap to success
  Business plan outline to use as a guide

• Planning your business - Lycos

• Business Plans -Bplans.com
  Provide sample business plans and other useful information for compiling a business plan.

• Business Plan sites - Education for Entrepreneurship@St Louis University
  Excellent compilation of additional web sites that provide information on creating business plans including links to freeware and shareware software, financial calculators and sample business plans.

• Virtual Business Plan - BizPlanIt.com.

• Do I need a Business Plan - American Express

• Business Plan: FAQs - American Express

• Create an effective business plan - American Express

• Developing a profit plan for your business - Liraz Publishing

• Business plans - business planning - Tim Berry
  Instruction, advice, philosophy and marketing for preparing business plans.

• Business plan writing - Cloud9
  Easy-to-understand outline for writing a conventional or high-technology business plan, supported by tips and advice.

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