How to create a business plan
A business plan is essential when applying for funding, bidding for tenders, and obtaining contracts as it’s used to better understand what your business offers and why your company’s right for the job.
We have listed steps below to help you create a business plan;
The summary describes your company and should include:
- Your company’s nature of business
- What makes your business stand out from your competitors
- Advantages of using your business
The second part of your business plan must include all of your company’s key information such as;
- Your company’s registration details
- The registered address of your company
- Key members/employees of your company and the tasks they complete at your company.
- A full description of your company’s nature of business.
- Past projects your company has completed
Next, you have to state how your business will market itself and how you will manage and keep a loyal client base.
Your marketing plan must include the following:
- Your target market
- Your current marketing strategy (how you acquire customers)
A company’s financials are extremely important and financers/investors need to confirm if you would be able to repay them.
Confirm the following in your financials section:
- Number of Monthly sales
- Monthly profits
- A three-year financial projection
List all of your company’s additional important information in your appendix. The appendix is essentially your business plan’s outro and should be memorable.
You can add the following to your appendix:
- Compliance certificates
- Bank statements
- Credit history
- Your employees CVs
Here are a few pro-tips when completing your business plan:
- Don’t be over-optimistic, make sure to only list facts on your business plan.
- Make sure not to over-elaborate on information that won’t be important.
- Spelling and grammar errors can scare off potential investors, make sure to proofread your business plan before submitting it.
- Always make sure that your business plan is up to date with your company’s latest information.
- Use a business plan template.
Read more: How to create a company profile for free
By following the steps that we have listed you will be able to create a professional business plan which lists all of your company’s important information any investor or contractor might need to know.