Columbia University in the City of New York

The Business Plan

Top Ten Things to do “1. Prepare a complete business plan for any business that is considering taking. 2. Use the structures of existing business plans. 3. Complete sections of your business plan as you progress in the assembly. 4.

Put together a business plan in an attractive way to work as a sales tool. 5. Submit your business plan to those skilled in the field you want to know your opinion. 6. Details on how to plan strategies to manage adversity. 7.

Describe the strengths and weaknesses of its management team. 8. Include an annual projection of detailed monthly cash flow. 9. Often modify their business plans to take into account changing conditions. 10. Hire a professional services consultancy specializing in business plans. Top ten “What NOT to do” 1. There is growing optimistic sales estimates. 2. Do not be optimistic decreasing the cost estimates. 3. Do not ignore or plays to the weaknesses in your plan. Describe them. 4. Do not focus on projections long term. It is better to focus on projections for the first year. 5. Do not depend entirely on the originality of its business or the success of an invention. 6. Do not want to give the impression of being someone who is not. Be realistic. 7. Do not want to be everything to everybody. Highly focused specialists usually are best. 8. Not proceed without adequate financial and economic knowledge. 9. Do not base your business plan on a wonderful concept. Try it first. 10. Do not avoid the step to prepare a business plan before starting. What is a Business Plan? The principal value of your business plan is to create a written outline that evaluates all aspects of the economic viability of their business venture, including a description and analysis of the prospects of your business. Keep in mind that creating a business plan is an essential step for any prudent entrepreneur must perform, regardless of the size of your business. Too often this step is avoided, which is a serious mistake because we can not overlook their importance. Business plans can vary enormously. In bookstores you can find books on the formats for business plans. It may be a point long for you to design a plan that is ideal for your particular business. Although in all cases it is best to contact a specialized consultant to assist you in this task. Your business plan is your road map to follow the right course of your business. But beforehand you can not predict all the different circumstances that may arise. For this reason, after you have opened the doors of his business, it is important that you periodically review and update your plan with the help of marketing professionals. What is the importance of having a Business Plan? Your business plan will be useful in several ways: – First and foremost, the plan will define and focus your objective using appropriate information and analysis. – You can use the plan as a selling tool when dealing with important contacts, including its shareholders, its investors and your bank. – Your business plan can discover omissions and / or weaknesses in their planning process. – You can use the plan to solicit opinions and advice of people, including those who are in the same area, who freely give you invaluable help. Too often, entrepreneurs are closed and do things their way, losing the benefit of the comments of experts who could save a lot of sweat and suffering.

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