Six Factors to Consider When Preparing a Business Plan

Many businesses only create a business plan simply to gain financing. After they have been granted the loan, they then file their business plan away in a file cabinet and forget all about it. In actuality, a business plan is a document which all companies should keep updated as they grow. These types of documents can serve a number of functions besides persuading creditors.

Before crafting a business plan, all companies should consider the following factors suggested by Black Enterprise: Guide to Starting Your Own Business.

Six Factors to Consider When Preparing a Business Plan

Target audience – Who do you intend to have read your business plan? Defining your audience will give you a better idea of how your plan should be structured.
Company type – Business plans will differentiate from company to company. Take into account if you are providing consumers with a service, good, or both.
Customers – Define how you will reach your customers. Will your business have a storefront or will you offer products through mail order, distributors, or wholesalers? A business plan should indicate how you will attract potential customers along with reasons why they should buy products from you instead of from your competitors.
Resources – Gather a lot of information about your business and industry. Everything from personal resumes to financial statements will need to be included.
Your timetable – Create a five year plan and schedule frequent updates and revisions.
Professional consultation – Do not surrender all of the responsibility of preparing your business plan to someone else, but it is suggested to seek some expert advice (especially when it comes to preparing the financial section of the document).

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