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How to write a Business Plan

September 12, 2011 1 comment

Failing to plan is planning to fail.

The recent series of The Apprentice saw the final four present their business plans, only to find them dissected, torn apart and scrutinised, with those who fell short losing out on the ultimate business prize.

When starting out, many entrepreneurs may see writing a detailed business plan as a waste of time, or worse, a fruitless bureaucratic exercise, which was perhaps why some of the Apprentice candidates failed to produce the goods. However, in almost every growing business there comes a point where you need to put pen to paper and carefully draw an outline of the future.

At MBA & Company we’re often approached by small businesses which never intended to put together a professional plan, but have suddenly found that it is now essential, whether it’s for the benefit of their bank manager or their first round of investment. Whoever the audience and whatever the sector, the key messages of a business plan will be the same.

The market

Firstly, understanding your market should be a fundamental part of your business plan. If you cannot define your market, show there is demand for your goods or services, and that the opportunity is potentially lucrative then your business plan is seriously flawed.

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