A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals. (Wikipedia)
Questions a small business owner should answer when writing a business plan
- Who are you?
- What propels you/your business?
- What do we sell? How do we sell? Who are our customers?
- What is your Company’s vision? Mission?
- Have you done a SWOT (Strength, Weakness, Opportunities and Threats) analysis of your business?
- What are your short, mid and long term plans?
- What are the critical success factors for your industry?
- What is your competitive advantage?
- What are the various alternatives to getting a loan?
- What is your financial strength today? What is your financial plan?
- What are the various ways your income is expended?
- What type of people do you need to work for you? Short, medium and long term?
- Do you have job analysis and job descriptions of your present and future staff?
- In what ways or areas have I improved on my skills in the following areas in the past one year? Marketing, customer service, interviewing skills, financial management, leadership, team building, operations management, time management?
- How convincing is your executive summary? Is it an overview of all information contained in the business plan?
