Starting a new business venture requires some research and investigation into the market into which you desire to go into. Whether starting a business online or not, a good business plan and a profile is a requirement , when applying for a small business loan from any financial institution in South Africa. In a recent article about Business Plan Writing, a few important factors were mentioned to help improve your chances of requiring financial assistance. Business planning is of utmost important when persuing your new venture. It is important to go into a business venture with a clear direction and knowlege of your targeted market. It is important to familiarise yourself with what business plan software is available on the market. Writing your own business plan is not that difficult and can be done without having to lay out excessive amounts of money on a professional business plan.
Why you need a business plan in South Africa
Whether you’re starting a new business or looking to expand your existing business, it is crucial to have a business plan in South Africa. If you need a bank loan or investment from outsiders, you need to have a business plan to show for this investment of capital. A business plan is your key to success
Writing a business plan is something that many small businesses fail to do although it is a necessary step in preparing for obstacles in the future. When you write a business plan, it forces you to start thinking about problems and solutions in your business and industry.
The first step to writing a business plan would be to do research into the feasibility and profitability of your new business. Investors and banks have to see that you have the resources and experience to make your business work and a business plan is the blueprint for what you plan to do for the future.
Your business plan should include the following elements:
• An introduction that explains what your business is and what your objectives are.
• A marketing analysis about the industry your business will be operating in and how you fit into it.
• A marketing plan (which is basically your marketing strategy)
• A management plan about how where you are going to set up your business, where your business will be located and the regulations and restrictions about your business.
• A financial plan that clearly describes how you are going to finance your business and what your financial projections are.
• An executive summary which is a one page overview about your business that you should write after you have finalised your business plan. Advice for writing a business plan.
Advice for writing a business plan
When you write a business plan, a good piece of advice is to break it up into smaller tasks. Don’t try to write the whole plan in one day. Start writing section you are most comfortable with – if you have marketing experience start off with the marketing plan. Another tip for writing your business plan is to spend quality time when you are writing it and don’t put it off so that it is a rushed job.
Business continuity plans for your business in South Africa
A business continuity plan is a series of documents that describes the priorities and actions that a business should take in the event of a disaster or system’s failure. A business continuity plan is as important as your initial business plan because it addresses the often overwhelming task of creating plans so that your business runs smoothly.
In conclusion, the internet is full of resources and help such as the article above. Once you have searched for a bussiness plan that best suits your industry, you will be well on your way to having a clear direction as to where u see your business in the next five years and beyond. Help and advice is only a click away through all major search engines!
Find out more about business continuity plans in South Africa
Source: http://www.continuitysa.co.za/news-room/writing-business-plans.html
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