Friday, March 30, 2007

Contemplating a business plan

Since I am dreaming of putting up a business, I took time to find material on how to prepare a business plan.It said there that a business plan is a blueprint of your company presented in standard business format which is logical and well documented. It defines your business, identifies your goals and serves as your firm's resume.

Having a business plan is important as it states the strategic vision of your company. It can be your most important communication tool, key in obtaining working capital and/or investments. It is also a tool for planning, measuring and improving performance and a continuing guide for sound decision-making.

So, how do you make it? In making a business plan you have to state your objectives clearly. This will include your vision, mission and specific objectives. You also have to describe in detail the business, your products and services, and your potential market. Then, you need to identify your competitors, state your pricing policy, and determine your marketing methods.

In addition, you have to identify material requirements and sources of supply, the process and equipment you will use, the key personnel required and the financial resources needed. This could be shown through a projected balance sheet, income and expense and a cash flow statement, or through a budget showing projected sources and application of funds.

I got these from EntrePinoys Atbp. There is also a link there for a free business plan template.

1 comment:

manilenya said...

napag-aralan ko yan sa general business class namin noon sa college, may ibang tawag di ko na matandaan halukayin ko sa utak ko :)