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We often ask business owners to include a business plan when they apply for bank finance. Consider that, in the same way as you would test-drive a vehicle before purchasing it, we need information about your company before we partner with you.
Know your market. A big part of knowing whether your business will be successful is understanding your audience. Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?
Do I Need a Simple or Detailed Plan? A corporate business plan for a large organization can be hundreds of pages long, but for a small business it is best to keep the plan as short and concise as possible, especially if you intend to submit it to bankers or investors — 25-30 pages should be sufficient unless you need to include photos of products, equipment, logos, business premises or site plans, etc. Potential money-lenders or investors will be looking for solid research and analysis in your plan rather than long, wordy descriptions.
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.
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