There has been much written about business plans and how to write them and what to include. We believe the business plan should concentrate on four factors that are critical to the success of every new company.
- People – The business plan should discuss the key people staring and running the new venture as well as other outside parties that have been retained to provide professional services to the company such as accountants, lawyers, consultants, etc.
- Opportunity – Information about what the business will sell and to whom. Potential for growth should be discussed as well what could bring the company down.
- Context – The global picture should be discussed such as how the current economy will impact the business any regulatory issues should be discussed as well. Key players in the industry that will have an impact on the business should be considered.
- Risk and Reward – Analysis on what could go right and what could go wrong. If something goes wrong what can the management team do about it to mitigate the damage.
If you are considering starting and struggling to develop your business plan give us a call we can help.