What is the outlook for those drivers and the market? What is special about your business that will make it succeed? What are its disadvantages and how will you address these? Note any unusual upward pressure on pay levels.
The main business plan highlights the key figures, with more detailed figures included in the appendix. How much have key individuals personally invested in the business? What is your market share? Are there any special skills needed? Demonstrate how committed you are to the business.
Summarise how you will be using this money. What are the important trends, such as market growth or changing tastes? Competition Explain who your competitors are. If the business is initially loss-making, when do you expect to reach break-even?
Business and products Explain the history of the business When did it start trading and what progress has it made to date? Explain your business and what it does Outline your target market and how you stand out from the competition Explain how you market your business and make sales Describe the key people in your business Identify any key practical issues Present your financial forecasts Summarise what financing you need To use this tool, please select a section from the progress box on the right hand side to open the tool.
How difficult will it be to convince new customers and how long will it take? Detailed business plans are often quickly shelved, because they are difficult to use on an ongoing basis. This section explains what financing you need to put your plan into action.
Explain any parts of the business that you have outsourced — for example, if you use a book-keeping service or work with a sales agent. Each market segment will have one or two methods that work best. Never openly criticise or underestimate competitors.
Explain your recruitment and training plan, including timescales and costs. This section demonstrates that you understand who your customers are and what they want. What are your products or services? Advisors and support services Describe any external advisers: Content of a business plan Base the plan on detailed information where possible.
Look at the cost-efficiency of each of your selling methods. Which of these features are you going to concentrate on? Sales What total sales do you expect over the next year and further ahead? For example, to your bank manager or investors.HSBC covers business banking needs from savings and checking to insurance and merchant services.
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