In part 3 of our business planning series we tackle the dreaded financial forecast head on. You’ll pull together everything you’ve learnt in the 90 day challenge to create compelling, realistic financial projections for your startup. It’s not as scary as it seems and we’ll show you exactly what you need to do.
So far in your business plan, you’ve demonstrated that you’ve thoroughly researched the market and your competition. Now it’s time to write about the practical side of your plan.
Last week, we explored how to format your business plan, as well as writing your executive summary, utilising your competitor analysis and setting your objectives.
It’s time to focus on the specifics of how your business is going to run and operate on a daily basis.
A business plan is required to sell your idea to investors or banks, persuading them to fund you. They won’t just part with their cash, you need to make them believe in your idea as much as you do! Even if you aren’t going down this funding route, creating a business plan gives you focus, direction and a clear path to achieving your goals.
Welcome to week 11: The Business Plan Part 1 – Your Business Proposition. This is part one of three ( you can find part 2 and part 3 here), and we will continue to delve the how to make a business plan over the next few weeks!
Extrapolating historical data is one way of creating a financial forecast. If you’re a new business or a you are launching a new product, you need a different process. In this article we go through what this process looks like and how you can make effective projections even without past figures to reference.
The point of a business plan, no matter what stage of business you are at, is to set out your goals, strategy and action plan for achieving them. In this article, I run through how to write a business plan – and why it’s a great idea.