Writing a business plan can be a challenging and lengthy process for any potential enterprise but is absolutely critical 
if you need to secure funding to start your business. Even those businesses who do not require start-up funding should create a business plan as this is the document that will guide you through an maintain your focus on the key issues and goals of your business.
In this the first part of our business planning series LimeMinds will take you through the basic structure of the plan and cover the important elements your plan should contain.
Writing a Business Plan is a little like writing a CV, there are many different ways to style, format, present your plan but the core contents should cover the same issues. Whilst the content is ultimately the most important part of the plan, its style and format can have a massive impact on how it is received and ultimately if anyone will invest or fund it. A successful Business Plan should contain (in our opinion) 6 main parts;
Part 1 – Position and Personnel
This section is where you will highlight the overall position of the business to date. It should describe your business idea and the people who will be involved in making it happen. Describe your product and service and the skills that you and/or your management team posses.
Part 2 – Research
This is the section in which you need to demonstrate that you understand the market you wish to operate in and the customers your business will serve. This section should also contain information on your potential competitors.
Part 3 – Business Strategy
What is your Marketing & PR strategy? What is your pricing and promotional strategy? How will you compete against other companies? This section is your opportunity to define how your business will position itself in the market.
Part 4 – Operations
How will the business be managed day to day? Considerations should include manufacturing processes, employee requirements, legal matters. You need to cover all aspects fo the business to convey how you will make your Business Strategy happen.
Part 5 – Financial
This section is where you can forecast the financial of the business. Cash Flow, P&L, Balance Sheet they should all be included and you need to be as accurate and realistic as possible. We will be discussing some potential tools and techniques that can help with this in later posts.
Part 6 -Controls
You need to demonstrate to any financier that you can manage and control all the elements of your business; sales, finance, production, etc. What processes and procedures will you put in place to keep the business running smoothly.
Those are the main 6 parts any business plan should contain, you may wish to include others such as an executive summary which pulls the plan together in the form of a one-page document, similar to a director’s report in any company’s annual report.
We will be covering each section in further detail so subscribe to our RSS feed or Email Feed to keep up to date with our releases. You can also contact LimeMinds to review and develop your business plans via email: consultants@limeminds.com
Happy Planning.
