If you've been following our "Business start-up guide then all this preparation and prerequisite work leads to creating the business plan. Your business plan is an important document which notes down your business intentions, objectives and further documents the process and strategy by which you will reach those business objectives. The business plan is a document which can help you assess the business for financial viability or the future direction of a business. It will also force you to see opportunities as well as outside threats and internal weaknesses the business may have.

Taking the time to write a business plan is an important step to business success. You own the plan and you must take responsibility for it: the creation of the plan and the maintenance and review of the plan during the operation of your business is important to keep the growth and direction of the business on track with its intended objectives. It is also important that key stakeholders who are involved in the business (such as key staff as well as partners or investors) are contacted and asked to contribute to the plan where applicable.

The business plan shall contain the following sections, which we will go in-depth in the coming blog posts:

• Title cover page
• Business plan - Table of Contents
• Business plan - Executive summary
• Description of your business
• Description of industry
• Products and/or Services provided
• Target market
• Business competitor analysis
• Marketing plan
• Business objectives
• Key Staff - Management and Directors
• Business legal structure
• Business risk assessment
• Business financial statements, and forecasts
• Business Plan Appendix

Learn more about the sections by reading this quick overview of a business plan.