By Connie D at August 18 2019 22:39:54
Prove the Viability of Your Idea to Others _ A business plan is a great way to prove to yourself that your ideas are viable and that the catering company that you are proposing can thrive and make a profit. You will also need a plan in order to prove to other people that the business model that you have in mind is financially sound. Think of your business plan as being like a resume that you can hand out to people who need information about your business. You can always leave out sections that are not relevant to the reader in question.
What are the critical steps needed to achieve a successful business plan? This may come as a surprise to my fellow business consultants, but producing a successful business plan is not as difficult as people often think, so long as they follow a logical sequence. Here is my considered view as to the critical steps. 1. Understand what you are planning and why; 2. Define the activities of your organisation; 3. Outline the current position of the business; 4. Review and discuss the external market conditions, undertake and understand a competitive analysis, and define your market positioning; 5. Define your core objectives; 6. Prepare and articulate the strategy to attain and meet the objectives; 7. Identify and review risks and opportunities; 8. Prepare a strategy to deal with risks and exploit opportunities; 9. Refine the strategies into operational plans; 10. Prepare financial forecasts including revenues, costs, cash_flow, capital expenditure and assumptions adopted; 11. Finalise the plan; 12. Get it approved; 13. Use it; 14. Review it regularly and update as appropriate.