Wednesday, February 2, 2011

Tips on business plan writing

So you have come to stage of writing your business plan and you have decided to take the long and tedious road to do it rather than using business plan services or financial forecasting tools specifically made for what you are doing at the moment? That's fine and of course you will come out on the other side a much more educated person with reference to how the different elements of the business plan contribute to your business. The bank manger may have asked you to compile a business plan or you have met a possible business investor asking for a business profile or plan to illustrate just how you are going to gain the market share that you mentioned at the networking event and how your costs will be so low that your business will break even in the fist 6 months.

What are good business plans really about? Well, such a plan will need to be as short and as clear possible; out of it, the potential investor will have to clearly understand the product and the service provided, the track record of the company, financial statements and, above all, the reason you are asking for such a funding. Keep in mind that this plan will have to convince the investor of your commitment to the business, and this can only be done if you will draw a clear picture of your strategies.

At all times, remember that you have to thoroughly study-and thus understand- the elements that will help you build good, solid business plans. Unfortunately enough, there are many of those looking for funding that spend a lot of time and energy trying to promote their ideas, their projects, but forget that unless their business plans are valid, unless they have something good, nobody will take them seriously and invest in their projects. Let's speak the truth: not even you would invest in a business that has no proof that it is sound, that the financial premises are valid; without clear information nobody can decide, so nobody will be willing to listen to you or read your project up to the end.

If you have came to understand how important it is to set up clear business plans before actually going on and trying to convince anyone, then you must have reached the conclusion that good advice is in order. Fortunately, there are a lot of places you could get counseling or assistance, things that will help you easier your business plans easier and in a more correct manner; apart from all the counseling offices, you will also be able to find books and other online resources that will show you how to come up with a quality project. Many of those books have been written by professionals, and if you know how to pick the right ones you will undoubtedly find out more about successful business plans and the key to better understanding of the market environment.

Remember that nobody likes long talks that express nothing; if you want to have a clear chance of obtaining the loan, the start up capital you so much need, you will have to be clear and communicate the facts as they are. This means that you will have to convince the funding source using one of the best business plans there can be, in order for the other to accept any kind of transaction.

Make sure your plan is detailed but to the point. Make sure your plan consists of realistic facts and data that is well researched. Make sure your plan is realistic and the market research has been done well. Do this and you will have a great chance of getting the business finance you need.