A Detailed Business Plan
It could also damage your credibility, because lenders and other interested parties will quickly see through optimistic plans that ignore weaknesses or threats.Even if your plan is intended for internal use only, write and present it as if it's aimed at an outsider.Explain your recruitment and training plan, including time scales and costs.Analyse your workforce in terms of total numbers and by department.
Then explain why customers will buy your product or service instead (your competitive advantage).A good business plan outlines your strategy for the next couple of years.It may be used to help support an application for business finance or business grants.Or it could be just for your own use as a roadmap for the growth of your business.The components of a business plan explain your objectives and the actions required to get your small business from where it is now, to where you want it to be.Set out the structure and key skills of your management team and key staff.Identify any skill shortages, such as IT skills, and your plans to cover these.What unique selling features does your product have and which of these features will you concentrate on? Explain how price sensitive your products or services are. Identify where you make your profits and where there is scope to increase margins or sales. If you're considering using a new promotion method, start on a small scale to test if it works.What channels do you use or plan to use, to reach your end user?Use charts if relevant, and include business or product literature as an appendix. What are the important trends, such as market growth or changing tastes and the reasons behind the trend?Have the plan proofread for clarity, spelling and grammar mistakes. Describe your product or service without using technical jargon. Outline your market, customers and other businesses you compete against in that market: Define the market in which you sell and then focus on the segments of the market in which you compete. What are the key drivers affecting each important market segment?