Five Characteristics Of A Good Business Plan
Of all the services that all business consulting services offers, which is perhaps the most important part of development for every business that is ever established in the business world, is their Business Plan. Included in the business plan should be the nature of the business, its business aims and objectives, an analysis of its viability in a particular location, the company’s image, fulfillment of the legal aspects, cash flow projecting the profit and loss projections and the break even analysis.
For instance, if you need to fill in the projected head count for marketing for the next five years and you keep adjusting the number of people to hire (based on your spreadsheet guesswork), expect to keep manually updating the total in the software rather than having the data automatically sync.
New business start-ups – especially if you are the owner or entrepreneur – present bigger planning challenges in some respects because we have no previous records to act as a guide, but in other respects they offer wonderful opportunities to create genuinely innovative and exciting founding principles – your own new business philosophy – on which your plans can be built and developed.
In truth you will have some costs to offset against the earnings figures above, but again for the purposes of establishing a very quick principle of saving a fixed percentage as a tax reserve until you know and can control these liabilities more accurately, the above is a very useful simple easy method of initially staying solvent and on top of your tax affairs, which are for many people the most serious source of nasty financial surprises in successful start-up businesses.
The first step you’ll want to take when writing a business plan is to create your executive summary This executive summary will be the first chapter in your business planâ€”it will explain what your business does, where your business currently stands, where you want to take your business in three to five years, and why you’ll be successful.