What Are You Going To Do?
A Business Plan is simply as the name implies — a plan about your business. It’s used to look ahead, allocate resources, focus on key points and prepare for problems and opportunities. But (believe it or not) many business owners find formulating a Business Plan terribly daunting and avoid it altogether.
Be one step ahead from the get-go — not only will having a plan for your business help you get to market faster, it also helps you gain clarity, focus and confidence. It outlines exactly what your business is going to do, and for whom, and what sets you apart from your rivals. As you write down your goals, strategies and action steps, your business becomes real.
Would You Need Financial Help?
It’s also important to remember that many banks, investors and other funding bodies will insist on a well-written, concise Business Plan on which to base their decisions. There are also legal and compliance requirements for small business that must be adhered to, and that should form part of your planning process.
In fact, once it’s complete it can remain dynamic and ever-changing with small modifications as your business changes.
Business Plans should be revised throughout the life of your business.
Getting off to a Great Start We will walk you through the elements of a Business Plan:
- Learn how to develop the clear goals you need to focus on as a measure of your business performance.
- Become familiar with the resources, legal and compliance requirements for running a small business
- Be able to identify sources and costs of finance to provide required profitability for the business. Learn how to conduct cash flow forecasts, profit and loss projections, likely return on investment and set pricing strategies and profit targets
- Find out how to research the needs of the market, the market size for your product or service and its potential, as well as identifying methods to promote the market exposure of your business. Achieve lower costs of production and distribution than your competitors, and turn your business into a class leader in your industry
- Identify the staffing requirements to effectively deliver your product or service, and where you might obtain specialist services or advice, where required.
- Develop risk management strategies according to the goals and objectives of your business, and a contingency plan to address possible areas of non-conformance with the Business Plan.
What you’ll learn
This module gives you the understanding of how to write your business plan. We look at a simple layout that includes where you are now (market research, identification of opportunity, and a SWOT analysis that identifies your strengths and weaknesses in relation to the opportunity as well as areas of possible growth for the business) ; where you want to go with your business (setting up goals and strategies to make them happen) and finally how you are going to get there( infrastructure needed, legal obligations, marketing and systems management as well as 2years minimum financials).
You will learn what information goes where, so that there is a logical progression of that information. That will make your final plan both easy to understand and easy to manage as your business takes shape.
Be aware that:
- Should you require capital (money) to start or support your business, you will need to produce evidence of viability in the form of a well- structured, well researched and well documented business plan. All banks, investor, banks, and other funding bodies will require one.
- A fully completed business plan is also the assessment document for accreditation in this course.