The Authentic 9 Step for Preparing a Business Plan
The Authentic 9 Step for Preparing a Business Plan – Even though there is no standardized format for business plan development, there are essential steps you must take to develop a bankable business plan for your business. These 9 steps are highlighted in this article.
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Contents
- 1 What is business planning?
- 1.1 Types of business plan:
- 1.2 The Authentic 9 Step for Preparing a Business Plan:
- 1.2.1 You need adequate time to prepare
- 1.2.2 Gather data on the feasibility of your business
- 1.2.3 Start-up Or Expansion Funding:
- 1.2.4 Focus on your refined business concept:
- 1.2.5 Outline business what, where, why, and how:
- 1.2.6 Include your personal or management team experience;
- 1.2.7 Apply clear language while filling the business plan template:
- 1.2.8 Enhance your plan with tables and graphics:
- 1.2.9 Share drafts with trusted advisors:
- 1.3 The Authentic 9 Step for Preparing a Business Plan
- 1.4 Cessummit business plan offerings:
- 1.5 Business Plan Contents:
- 1.6 Related Topics:
- 1.7 Summing up on The Authentic 9 Step for Preparing a Business Plan
- 1.8 Share this:
- 1.9 Like this:
What is business planning?
Business planning is a process for developing your business plans. So, it’s a process that makes a business plan a communication tool that you can use to secure investment capital from financial institutions or lenders. The business planning process also builds in business information which you can use to convince people to work for your enterprise or to secure credit from suppliers. In fact, it helps you to attract potential customers.
As explained above, the details in your business plan becomes a formal written document containing the goals of your business. In them are the methods for attaining those goals, and the time-line for the achievement of the goals.
Types of business plan:
There are therefore, several types of business plans. We have in our various earlier publications written about them. Here are some of them to visit for more information;
- The 4 and 5 types of business plan
- Other types of business plan
- Steps in developing business plan
- 3-types of business plan
- The best type of business plan
As a matter of fact, whether you’re a small business owner or entrepreneur, Cessummit has business information to help you take your next step. It’s a comprehensive one-stop shop for all you need to kick-start your business. Use this opportunity provided here to make your business work. Call +234 905 313 0518
The Authentic 9 Step for Preparing a Business Plan:
Do you know that writing a business plan is important to every business and entrepreneur? This is because the business plan helps you share your vision, goals and analyze your strategy. The quality of your business plan impacts your business success chances. Below are the imputable qualities that will promote your business plan and invariably your business success.
You need adequate time to prepare
Developing a business plan requires a good time to wait and think about your business. We know that every entrepreneur is always excited when first conceiving a new business plan. But, please, don’t let this excitement die down. However. do not be in a rush. That will be a big mistake.
Take all the time you need to write a high quality plan. This is because your business will more likely succeed with a carefully constructed plan. We have listed below the business plan contents to assist your follow your mind in preparing the plan for your business.
Gather data on the feasibility of your business
This is important for both start-ups and existing businesses. For start-ups, please, research the industry you are involved in. Check on the relevant segment of the industry you are into. You can do that by using our search button on this top page for any business concept you need.
And for the existing business, look backwards and then inwards your operations and use the details we give in our analysis for check-ups. In this case also, check to see if what you have in your business/data is in tandem with industry data. We have also some information on how the non-accountant entrepreneurs understand or make use of their business financial information.
At this point you can ask for our template to generate your feasibility analysis. Firstly, find out if your operation gives a positive gross margin. This is simply by Turnover/Production less Cost of sales/production. Check out here for this.
Remember that understanding your market, how big it is, whether it is growing and how fast will impact on your turnover forecast. Other factors that will impact on cost of sales may be your potential competition expenses to generate market share.
Start-up Or Expansion Funding:
It’s really important you know and analyze your source of funding. Check out our previous articles on this subject matter for elaborate information on business funding.
Focus on your refined business concept:
Every business must be a well designed niche or brand. And there are things that separate this from what other people do. So, if you don’t have this idea while doing a business you may not have a brand to promote. In otherward, you are just doing what others are doing. So, think; from your procurement, storage, production etc. to marketing what can you do differently?
So, carefully consider the market, the competition, your capabilities, and the resources you need. And, then, consider how you will make money. As a matter of fact, do you have the knowledge and expertise that you need? Please, find tips on how to overcome start-up business challenges in Nigeria at cessummit.com. Do not hesitate to contact us for any help.
Outline business what, where, why, and how:
Every business has its what, where, why, and how to operate and survive. So, the best business plans include details about the what, where, why, and how of the business. This is made easier with a complete business plan model template from cessummit.com. Our Business Plan Template provides you a convenient outline and structure for every part of a great business plan. It’s cheap and will keep you on track.
Include your personal or management team experience;
For an existing business, your business profile will do. But for a start-up, you have to use your personal and special staff profiles to project your business. So, it’s important to identify yourself or your management team as experts in your particular field. This is because customers and clients are willing to stay put for a high-quality product or service that is backed up with a meaningful expertise.
Furthermore, investors and lenders are also more likely to support your business if you have a dependable technical, cognate experience, educational and professional background to be successful.
Apply clear language while filling the business plan template:
In as much as a business plan template makes writing a business plan straightforward, it requires a clear language to suite the audience in mind. So, ensure you fill out the template with language that is not overly complex for the average man to understand. Therefore, a clear language will help you communicate with investors, partners, bankers, and employees seamlessly.
The tactics is; keep things simple. This is by explaining your projections concisely. Add a note to table and graph. All of these will make reviewing, reading, and understanding your document much easier.
Enhance your plan with tables and graphics:
People watch the flow of the tables and the graphs. Some may say they are not essential but they make your plan, concepts and projections clearer. So, if possible use pie charts, bar graphs, and any other graphics you think will make your plan more appreciated.
As much as this may be risky, sharing with trusted advisors can help you avoid potentially disastrous mistakes. As a matter of fact, sharing with team members will help a lot. So, the following may be your best bet for this;
- Family members
- Your banker
- Your attorney
- Business mentors
Other writers include:
- Investors,
- Potential customers
- Distant competitors
But I have my reservations for this set of partners. Instead, get expert tips at cessummit.com to take your business to the next level. So, read our articles, understand and follow the handful of strategic ways to grow your business. They are hot, profitable and untapped business growth ideas in Nigeria.
The Authentic 9 Step for Preparing a Business Plan
Cessummit business plan offerings:
These include a variety of business plans, such as
- Strategic plans for scaling up business
- Operational/internal plans,
- Comprehensive business plan
- Business plan executive summary
- Business Plan Financial Analysis Segment
- And, Business plan Pitch
We emphasis that there are different business plan templates at cessummit.com. In fact, we provide all types, size and pupose of business plan of your choice. We have some ready-made illustrative samples in this website. You just have to contact us for your complete copy.
Business Plan Contents:
These business plant table of content will help you develop a bankable business plan.
- Executive Summary.
- Company Description.
- Products and Services.
- Market analysis.
- Strategy and Implementation.
- Organization and Management Team
- Implementation timeline
- Financial plan and projections
- Financial Ratios
- Exit strategy
- Conclusions
Related Topics:
- The 4 and 5 types of business plan
- Other types of business plan
- Steps in developing business plan
- How to use 4 types of business plans
- 3-types of business plan
- The best type of business plan
Summing up on The Authentic 9 Step for Preparing a Business Plan
Cessummit.om emphasis that these are the Authentic 9 Step for Preparing a Business Plan. It’s also essential that you contact us for our proven business plan templates.
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