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How to build a business plan

How to build a business plan


Jennifer – Business Advisor :
Studies have shown that business
owners who start with a business plan
and stick with it, are more successful than those who try
to keep it all in their heads. A
business plan describes what your
business does, who you sell your products and services to, and why
your business will be successful,
compared to that of your competitors. A typical business plan has some key
components: The Summary – here’s where
you state what your business is, and why
it will be successful. The Team – quite simply, your people.
Their skills, and how those skills will
add value to the business. These can
include people who would work for you or be external advisors.
The Business Environment – looks at your
industry, your business’ place in it,
and outlines why your business is special, versus your
competitors? The Marketing Plan – this
is where you’ll show how you plan to get
customers in the door to buy your product or service. Your
Operations – will highlight how you will
produce your products and manage your
services day to day. Your Finances – This is where you’ll
demonstrate how you’ll make money; where
you outline your income and expenses,
cash flow and balance sheet. And last, but not least, your Risks –
Every business comes with risks, and
your plan should address these. Doing
this shows that you are aware of them and ready to deal with them. A
solid business plan, really is the
backbone to good business strategy,
because it makes you take a close look at what you’ve planned, as well as
identify potential opportunities and
obstacles that you may not have
considered. And, if you’re looking for investors, they won’t
consider you unless you have a business
plan in place. For help on building a
business plan go to the RBC Small Business Resource
site online to download your free
business plan template, and get yourself
planning today.

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