What is a Business Plan?

A business plan is a plan that you may show any finance providers when your trying to get finance to either help set your business up and or to help you get out of a hole when your business is struggling for cash flow. A definition of a business plan is a written document that includes many aspects of your business including financial aspects, marketing, time appreciation and your short and long term goals for your business. The business plan is known as one of the most important tools in all businesses but there are too many people who write a business plan then forget about it and never use it.

If you are requesting any financial help from banks, business angels, friends and family or venture capitalists you will need a business plan. Your business plan should show the amount of money, which is required for each specific area of your business, and at what time you want to use this money and also the cost of such things like raw materials, advertising, transportation costs if necessary. Your business plan may also have details including insurance, staffing, training, legal and any partners.

You may also have a business plan for every year you’re in business, which will help promote your business and make you actually keep up to date with any new implementations or upgrading a specific area of your business.

In this business plan you may include what targets you have for the year and if these are the same or different to that of those from the last year. Will you be starting a new venture or introducing any new services or products and also you may want a website for your business if you don’t already have one or you may want to upgrade the website. The points you include in your business plan may be able to be split into smaller parts which will help you achieve them, if you give each part a time period this can help you keep the plan in time, if anything goes wrong follow it up and if any other problems arise in the implementation of your business plan think up solutions and include these and you may be able to add that part then into the next step of your business plan.

If you intend to expand your business you should write a new business plan explaining why you want to expand, the financial help you need if any, the goals you want to meet within the year or longer as well as exactly setting out all your financial ingoings and outgoings.

If you have little knowledge of how to write a business you may like the help of a businessperson who can help write your business plan for you. These business people have skills in writing good, well-planned and specific business plans, which will help you, gain business finance and other financial options if needed but as well as giving you a written set of goals you want to meet throughout the year or more.

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Jene Pedder is the Webmaster of Angelstartups who specialize in Business Plans and Business Finance.

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