Anyone who has ever considered or even dreamed of going

into business for themselves has to some degree already

engaged in business planning. As with any responsible adult

your planning was intertwined with your thoughts about the

personal issues that could accompany your decision to start

your own business.

In its most general sense, business planning is all about

taking your dream and turning it into reality; turning it

from a distant thought to a very real and tangible road map.

Its not very complicated, its your vision in writing.

Why Should You Write a Business Plan?

Smart entrepreneurs plan, not because accountants or business

advisors tell them to, but because they understand that it increases their chances for success.  We often suggest two forms of business plans to our clients; one formal and one more less stringent to prepare. For the sake of tradition, we are supplying you with the information on the “formal” Business Plan most likely needed to secure financial support or increases for expansions.

Those who have decided to embark on a new enterprise have probably already taken some steps, however informal, to confirm the viability of the new business. Writing a business plan is the next logical step in that process. For example, a business plan can be the vehicle that carries your new idea from the conceptual and planning phase down the road to the building and operational phases. Or, it may help to establish your business's credentials for purposes of obtaining bank financing or investment by future partners.

A plan for an existing business may just deal with a single aspect of your business, such as a new product introduction and its impact on financial management and other ongoing operational issues. On this and the following pages, we'll address your key questions about business plans, including:

• Why go through the trouble of documenting what you know will work?
• What events trigger the need to create or update a plan?
• To put the plan together: do you know who your audience is?
• How will you gather all the information that you need?
• What should the plan look like?
• How will you organize and present your plan?
• What documents will you include?
• What will each provide to a reader?
• How do real world results compare to the plan?
• What do you do when things go wrong or the unexpected occurs?

As with any formal written report, the business plan should include the executive summary, supporting documents and financial projections. The body of the business plan can be divided into four distinct sections:

1. The Description of the Business
2. The Marketing Plan
3. The Financial Management Plan
4. The Management Plan

If you get stuck give us a call we can assist you in formulating a business plan for your start up business.

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