By Lea Propst at April 05 2020 20:06:26
When I have received business plans, the very best responses come from people who have looked at the risks and have an answer for every question. What you never want is to throw a scenario at your plan and have to answer "I don't know what I would do in that situation". You want to plan for every possible contingency, and certainly all the major risks to the ongoing success of your business.
Describe the manufacturing or operating process and associated costs. Contain believable finical projections, with key data explained and documented.
A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.
I often see people split into two camps. On one hand those who almost ignore competitors in their business plan, because they do not want to think about the issue yet and feel so confident they have a great idea for the market regardless. But I recommend not being overconfident when it comes to competitors. They are still there for a reason, they are still around and in business for a reason, so view them with that in mind.