Business Plan Article

However, they are also essential to running a business with a clear, Many entrepreneurs may see putting a business plan together as a daunting task involving hundreds of pages.However, in reality, it should be a concise and structured document that gives readers everything they need to assess your company's project.Ask yourself: Who your customer is, what business are you in exactly, what do you sell, and what are your plans for growth?

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A properly formulated plan can help you gain the confidence of lenders, investors and other stakeholders.

As such, it should show you’re committed to your business and have the skills, knowledge and confidence to achieve your goals.

How will your company or product/service make a difference in the lives of your customers?

Make sure you show your lender that you've done your homework.

Potential investors will also want to see the expected return and sources of funding, while shareholders are looking for the prospect of the share price and what dividend they can expect on their shares.

Generally, lenders, shareholders and investors want facts and figures that back up what you say. Keep in mind that you should have a lawyer look over all contracts and legal issues.BDC's article "How to write an effective business plan" provides a brief outline of the key elements of a plan.You can also read our article on common mistakes to avoid when building your business plan.If your business is all in your head, it's hard to convince lenders, investors and shareholders that you have a credible company and that you'll use their funding well.And that's precisely where a business plan comes in.You’ve probably already conducted informal market research on your own.But you’ll need more than anecdotes to convince investors and lenders to support your business.Basically, your market research helps you understand your customer needs so that you can offer a product or service that precisely fits those needs.You'll need to provide information such as your target market, customer demographics, competition and distribution methods.Be sure to modify your information depending on your target audience.For example, your bank will be interested in how you intend to repay the loan or overdraft, what you intend to do with the money and how it will help your business grow.