If you have ever sought business finance from a financial institution, then you know that writing a business plan is a prerequisite to receiving any funding. To be considered for financing, most banks and other financial institutions demand a comprehensive and detailed business plan from which a thorough understanding of your existing or proposed business, your own goals and objectives and your financing requirements can be obtained.
When writing a business plan, focus should be concentrated in some key areas, namely;
All the same, no business plan would be considered complete without the following:
When writing a business plan, focus should be concentrated in some key areas, namely;
- The business
- The entrepreneurs
- The market
- The financial management and planning
- The risks and rewards.
All the same, no business plan would be considered complete without the following:
- A title page
- An executive summary
- Overview of the business
- Management
- The market
- Sales and marketing strategy
- Financial statements and projections
- Legal and regulatory environment
- Strengths, Weaknesses, Opportunities and threats assessment (SWOT analysis)
- Supporting documentation
The infographic below summarizes the process of writing a business plan.
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