NISRA’s Corporate Plan, current and historic Business Plans and Annual Reports and Accounts. The business plan continues with a description of the financial results the business intends to see, and the underlying cost and revenue assumptions. For example, if your plan is for a new, small business and you can prove that you already know your product or service and its customers very well, then your opinions will be very credible to include.
The more specific you are, the more realistic your sales potential will be. After your business plan preparation you will have the necessary data based on the research you did, so you can use some numbers to prove your words. It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans.
Established businesses should review their business plan and update it regularly in order to provide direction for growth. Don’t get me wrong, business planning is one of the most important things you need to do to succeed in your one man or woman show. We would like to keep you up to date by email with useful business tips, advice and information about our product that can assist with your start up journey.
The business plan inspires employees and management that the idea is sound and that the business is poised to achieve its strategic goals. The executive summary of your business plan introduces your company, explains what you do, and lays out what you’re looking for from your readers.
Ultimately, a business plan will make financial forecasts and projections that will demonstratively prove why your business is a solid enough investment to risk putting money into. This case study highlights the importance of having a well thought-out and executed integrative business planning process.