Tips for creating a clear and succinct business plan

A business plan is a written analysis of a business’ goals, projections and strategies, and is commonly considered to be one of the most important components of a business’ failure or success.

Here are three key tips for creating and maintaining an effective business plan: 

1) Be concise: a business plan is generally presented as a formal document and, as such, requires a professional tone. To this end, try to exclude unnecessary information or overly descriptive language; these may be seen as “filler” and could detract from the overall clarity and effectiveness of your business plan;

2) Be realistic: while it may be tempting to formulate a business plan with exponential growth in mind, it is important to also remain realistic. In order to make feasible growth projections, it is wise to consider the performance of your competitors; your financials; and how much you will need to invest over time into staff and resources. 

3) Be prepared: a business plan can help to prepare your business for a number of different circumstances. You may want to include a range of growth projections that cater to different possibilities. For instance, you might include two growth projections – one that represents conservative growth estimates, and another that represents more favourable outcomes. 

Posted by George Tarbey on 26/04/2013 at 12:00 AM | Categories:


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