- November 30th, 2012
- John Dillard
- Virtual CFO, Business/Tax Consulting, Financial Planning, Business Loans & Money Management
Writing a business plan has long been a mystery to most of us and “down-right” confusing to the rest of us. Looking to remove the mystery from this daunting task is one of the most important goals we look to impart to the community. A solid business plan should essentially be an easy read with enough financial information to give it substance but more importantly a narrative that makes sense to all who read it. A good business plan should be:
-Clear. A reader should be able to quickly ascertain from its scanning the goal of the business, how the business is to be marketed, what capital will be needed, the company’s mission statement and short and long term goals.
-Vision. A sound business plan will include the overall purpose of the business detailing the business niche, its competition and what will make it unique in the marketplace. Developing your business identity or branding is a critical component of this process.
-Management. The business itself will need sound, prudent and well experienced and seasoned personnel to run it. By setting up segregation of duties, delegating responsibility to the lowest level possible, clear reporting lines, efficient operations and standardized procedures are essential building blocks to getting your business started. For example, one of the predominant franchises are statistically more successful than other business’s is that these components are often well established parameters of buying such a venture.
Learning not to go it alone if the first step towards success a new entrepreneur can make. Surrounding yourself with good counsel, bankers, lawyers and other professionals will do much to help you avoid unnecessary financial setbacks and bumps in the road.
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