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Top 10 Tips for Writing a Business Plan

Discussion in 'Business Planning' started by Daniel Ezikel, Feb 23, 2016.

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    Daniel Ezikel

    Daniel Ezikel Applicant

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    Chic accounting geek

    Chic accounting geek Applicant

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    Silverisametal

    Silverisametal Lab Tech Premium Member

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    Would you say that these business plans are aimed more towards start-ups?

    Or to those with a currently active business looking to expand?

    And don't just say both, that's boring.... (y)
     
    jeffnev likes this.
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    Maevla

    Maevla Administrator Staff Member

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    Every business should have a plan so although it's a boring answer it is both. You start with a plan that works for your business, add bits in or take bits out according to what you want to do. The most important thing is to be adaptable, and don't be worried to change the plan if things aren't working the way you thought they would.
     
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    Fast Unsecured

    Fast Unsecured Applicant

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    Thank you very much for you informative post. Please continue by posting this type of post. Thanks again
     
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    Alex77789

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    Krystsina

    Krystsina Freshman

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    Let me join your discussion ;) I believe that having a business plan for startups is crucial in a way that it helps to understand for yourself how do you see the development of your future business, what do you expect to get in short term and long term, etc. Having a business plan for expansion of a currently active business is important if you are looking for investors, this reason works for startups as well, as most of potential investors will ask a business plan from you not to blindly invest money in just words in the air.

    For those who might be interested in creating a business plan, here is the link where you can download business plan templates for free to make it look more professional. There are different types of business plan templates for different purposes: structure samples, checklists, cash budget, and a Business plan presentation.
     
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    James Baldock

    James Baldock Freshman

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    I think business plans are important but not in the traditional sense. I blogged about my reasons recently here: http://www.jamesbaldock.co.uk/business-plan-smusiness-plan

    I think it's important to think about but don't fuss about downloading a business plan template and filling it all in. Just do some calculations and work out what profit you're likely to make - don't make it more stressful or complicated than needed.
     
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    thelegalstop

    thelegalstop Senior Lab Tech

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    Martin Parsons

    Martin Parsons Business advice for free, because i want to

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    Hi, a slightly different perspective on business plans.
    If you need to raise finance, even from friends or family, you really need a business plan which is thorough in terms of both the financial aspect and the operational element. Any bank will want to see forecasts of what you expect to achieve. Yes it's no more than a guess, but a guess is better than nothing.
    A business plan is also intended to act as your target, if you have nothing to aim for how do you measure anything.

    But, if you don't need finance, and you are comfortable with a broad plan, a one sheet business plan should be fine. For this type of plan you simply need to put your main focus points:
    1. What you're doing
    2. How you're doing it
    3. What you expect to achieve and when.

    Startups or existing business doesn't matter, any plan is better than no plan.

    Good luck!
     
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    Dewlance

    Dewlance Applicant

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    Thanks but I simply take a pen and textbook and write my business plan on it and after I ready then I execute my plan. This works for me.

    Its so easy ;)
     
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    Sophia Donald

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    Alan Potts

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    Thanks for the interesting and useful information.
     
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    YourRetailCoach

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    Few of the tips for writing a business plan is

    • Consider what is competition
    • See your audience
    • Have proof to back up every claim you make
    • Get conventional in all financial estimates and projections. ...
    • Be realistic and logical.
     
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    Talha Yeasin

    Talha Yeasin Applicant

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    Every one should follow this
     
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    Julia Sta Romana

    Julia Sta Romana Full-time mom, part-time superhero

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    If you're going to be technical about it, a business plan is primarily for start-ups.

    What active businesses looking to expand would use is a business improvement plan.

    Both a business plan and business improvement plan would have similar templates. But the difference is when you write a business plan, you look at the business in general. When writing a business improvement plan, you can make it more specific (adding a new product line/ adding more store locations, etc) and would usually come with a technical plan that details how and when you would implement the improvements.
     

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