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Tuesday 23.01.2018 | Name days: Strauta, Grieta

Nine pieces of advice on writing a business plan

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU«A business plan is an important document; its basic principles can be applied in different life situations. Principles that govern development of a business plan can be useful for selling any idea, including the start of a family business and convincing employers to change things at work,» – says member of the board of Grand Credit Maksim Malishko.

1.Target Audience. When making a business plan, it is first important to determine who will be reading it. Financial advisers, owners of enterprises, investors, clients or the management. How much do they know about the industry? This is where you consider the depth of explanation of processes that transpire in the given industry. How much do they know about you, your previous work and your successes and failures? Depending on all this, you have to consider how much you need to explain your own ability in the realization of your plans.

2.The Idea. Description of the product or future service. The main idea should be clear without the need to explain it in detail. A citation from Latvia’s more recent history is quite appropriate here: «What we don’t understand we cross out». Most people assessing business plans follow this logic.

3.Advantages. You will find articles about the importance of SWOT in every textbook. Those reading your business plan are interested in one thing – your advantages over competitors.

4.Resources. This word means money most of the time. However, money is not always the key to success. It is far more important to use them effectively than merely have them at your disposal. This is why it is important to explain the state of your resources and how you plan to accomplish your goals.

5.Risk Assessment. Mistakes are not made by people who do nothing. This is why risk assessment sometimes plays an even more important role than the decision, as it proves one’s knowledge of the industry.

6.The 4P of marketing. Product, Price, Promotion and Place. In spite of the fact that these four components have grown numerous other conditions, nothing is all that different.

7.Planning the Money Flow. This part is very important because it describes your attitude and seriousness of intentions. It is by assessing the plan for the future money flow financiers can determine whether or not the applicant plans to use the money to do business or waste it.

8.Plan’s Volume. Write as sparingly as our can. Big texts have a larger possibility of not being red. On top of that, in-depth analysis of big texts increases the risk of losing sight of crucial details.

9.Style and Appearance. As odd as this may seem, you should nonetheless pay attention to your plan’s general appearance. Nevertheless, don’t expect immediate approval just because your plan looks nice.

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