After
doing extensive research on expert views of the importance of a business plan when
starting a business there are a few things I personally would incorporate into
my own business plan. First things first I would make sure the most important
section are very detailed and well though out. I would have to make sure all my
information is accurate and easy to understand with the appropriate references.
Based
on Dr. Steven’s view on the business plans’ Financial summary I decided to get
more in depth and through. I did this be getting the most accurate information
when it came to monthly staff budgets, how much benefits was going to be
provided to them. Next I made changes to the monthly sales and budget.
Potential investors want to see how much they will earn back in interest for
the money that was originally given to you. Investors want to know that your business
will be successful and have a decent budget and gain a huge return on the after
tax dollars. Finally I made changes to my start up cost. This portion is very
important and should be very accurate and well thought through.
Based
on Mrs. Cockerton view on the business plan making sure there is a need for
your service or product in a growing market. I changed this part of my business
plan because I wanted to make sure that my target market I was going was an actual
growing market so I made adjustments and got more detailed with the
demographics, psychographics. I also looked into my competition, looked at my
current customer base, and analyze my product and service.
I
personally think that the sections that are the most important to the investor
reading the plan are the executive summary, and the financials. These sections
matter the most because they will tell an investor everything about you company
and the financials will determine if the investors will make more or not. In
the in what it all comes down to is “Will this make the investor gain more passive
money”
Below you
can find a few links to help you out when trying to write a business plan.
Links:
