By Brie Cailot at January 28 2020 07:14:08
What should come into your business plan is how you assess it, how you foresee anything occurring that could have an adverse impact and how you would deal with it in the right ways. If you are looking to obtain funding from a bank or people you know, it is essential to show what the risk factors are in the proposed business and how you plan to defend against them.
Have An Overall Vision : When writing your business plan it is really important to have an overriding vision of what your business is going to do, what it is going to be, and what you want to achieve. Very often it is tempting to get straight into the technical details, the monetary concerns, financial matters, where you will be sourcing supplies, etc. Now all these things will be vital in your business plan, but it has to be held together by a coherent, broader vision.
Be Prepared For Risks : It is a fact of life that any new business or enterprise has a degree of risk attached to it. Therefore it is important for your business plan to analyse and calculate that risk, showing how you will engage with it. There is no business plan out there that is risk-free, but very often where the risk is higher then the rewards will be as well.
It could be, for example, the risk of a change in the economic environment - what are your contingency plans for that in terms of dealing with such a situation? There may be many other risks as well specific to your particular sphere of operation, but that ability to plan ahead for all scenarios makes for a robust business plan.