All About Business Plan

Your forecasts should run for the next 3 to 5 years.

However, the first 12 months' forecasts should have the most detail, including assumptions both in terms of costs and revenues, so investors can clearly see your thinking behind the numbers.

Your financial forecasts should include: Your forecasts should cover a range of scenarios, and you should include the contingency plans you've developed to offset any risks.

You can also review benchmarks and averages for your type of business and discuss your business' position.

Implementing good environmental and social practices is good business — it can give you a competitive advantage and help foster goodwill toward your business.

In this section you should discuss ways in which your business honours ethical values and respects people, your community, and the environment.You can include: Conducting a SWOT analysis is an important part of business planning.A properly prepared SWOT analysis shows investors that you have realistically and objectively considered these elements.Here are some sections that you may want to include in your business plan: The executive summary is an overview of the key points contained in your business plan and is often considered the most important section.It is usually the first section that a potential investor or lender will read, and may be the only section to be read if it is not prepared properly.Putting time and effort into conducting a comprehensive SWOT analysis can help you: This section addresses how you plan to manage your employees and human resources processes.You should also discuss your short-term and long-term plans for employee recruitment, training, and retention.Although business plans vary in terms of length and scope, all successful business plans contain common elements.The plan should take into consideration your particular business and its environment.This important summary should: You will want to describe your business concept, competitive advantage, legal structure (e.g.sole proprietorship, corporation), the market, and your own experience.

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