new business grants
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Business planning tips to help you write a business plan plus links to extensive free and trial business plan resources and software at
Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That's why a preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail.
A strategic plan is not the same thing as an operational plan. The former should be visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, focused, implementable and measurable. As an example, compare the process of planning a vacation (where, when, duration, budget, who goes, how travel are all strategic issues) with the final preparations (tasks, deadlines, funding, weather, packing, transport and so on are all operational matters).
A strategic plan should not be confused with a business plan. The former is likely to be a (very) short document whereas a business plan is usually a much more substantial and detailed
document. A strategic plan can provide the foundation and frame work for a business plan. For more information about business plans, refer to
Decide on the type and purpose of your business plan before putting "pen to paper". Written business plans can be classified as either Basic or Comprehensive:
Basic plans are short (often under 10 pages plus appendices etc.); relatively quick to prepare (under one or two months); use limited external assistance; need few drafts; and require much more researching than writing. They are somewhat more difficult to prepare than anticipated - all parts equally difficult. They are frequently used to assess the viability of a business or for internal/personal use and they are rated as important/useful for the business.
Comprehensive plans are longer than basic plans; require some months to prepare; make slightly greater use of external help; and require somewhat more time researching than writing. They are more difficult to prepare than anticipated, especially the financial projections and market analysis parts. They are often used to help raise venture capital/equity or bank loans, and they are viewed as being critically important/useful to the business.
This assessment has been based on a survey of over 400 business plan writers. For more information on the survey results, see
Before any detailed work commences on writing a comprehensive business plan, you should:
- Clearly define the target audience
- Determine its requirements in relation to the contents and levels of detail
- Map out the plan's structure (contents page)
- Decide on the likely length of the plan
- Identify all the main issues to be addressed.
Shortcomings in the concept and gaps in supporting evidence and proposals need to be clearly identified. This will facilitate an assessment of research to be undertaken before any drafting commences. Bear in mind that a business plan should be the end result of a careful and extensive research and development project which must be completed before any serious writing of a plan should be started. Under no circumstances should you start writing a plan before all the key issues have been crystallized and addressed.
For more tips and suggestions, check the white paper on
When looking around for business ideas, bear in mind that these could be based on any of the following approaches:
- A manufactured product where you buy materials or parts and make up the product(s) yourself.
- A distributed product where you buy product from a wholesaler/MLM, retailer, or manufacturer.
- A service which you provide.
You should narrow your search to specific market or product areas as quickly as possible. For example, the "food business" is too broad a search area. Do you mean manufacturing, distribution or retailing, or do you mean fresh, frozen, pre-prepared etc. or do you mean beverages, sauces, confectionery etc.? It is better to pursue several specific ideas (hypotheses) rather than one diffuse concept which lacks specifics and proves impossible to research and evaluate.
Generally, you should always aim for quality rather than cheapness. Be very cautious about pursuing ideas which involve any prospect of price wars or are very price sensitive; of getting sucked into short-lived fads; or of having to compete head-to-head with large, entrenched businesses.
To locate ideas, observe consumer behavior:
- What do people/organizations buy ?
- What do they want and cannot buy ?
- What do they buy and don't like ?
- Where do they buy, when and how ?
- Why do they buy ?
- What are they buying more of ?
- What else might they need but cannot get ?
Also, look at changing existing products or services with a view to:
- Making them larger/smaller, lighter/heavier, faster/slower
- Changing their color, material or shape
- Altering their quality or quantity
- Increasing mobility, access, portability, disposability
- Simplifying repair, maintenance, replacement, cleaning
- Introducing automation, simplification, convenience
- Adding new features, accessories, extensions
- Changing the delivery method, packaging, unit size/shape
- Improving usability, performance or safety
- Broadening or narrowing the range
- Improving the quality or service.
For further suggestions and tips, see the white paper on