Ten Tips for Formulating an Effective Business Plan

Tip 5 - Tell the Reader Where You Intend To Be
Having given an overview of your business, the next step is to tell them where you want to be. The main points to cover are:

• Your objectives and goals

• State what you want from the reader - a loan or overdraft for example

• Explain why you need and what it will be used for
Tip 6 - Tell the Reader How You Are Going To Get There
It's all very well promoting your idea and business but the important point to put over is how you are going to get there. Here are the key points to cover:

• Marketing plan

• Additional resources needed to meet your objectives and goals

• Your contribution in terms of cash or equipment

• Security you can offer to support a request for finance

• Profit and loss and cash flow forecast to show that you plan to make money and that you can pay back the loan
Tip 7 - Provide Some Supporting Information
Your Plan will have contained a lot of information, so it is helpful to include supporting documentation to provide more background. Placing these additional items as an appendix ensures that the flow of the Plan has not been affected by additional information.

• What sort of items could you include?

• Letter of support from your Accountant

• Confirmation of pending orders from customers

• If you are purchasing a property, you could include the sales particulars

• Independent industry surveys showing that your sector is doing well

• If you are buying machinery, include quotations

• If you business' main asset is you, include your CV!
Tip 8 - Ask Someone to Review It

When you are totally immersed in a task you can easily miss obvious mistakes. Ask someone to review your Plan to ensure there are no spelling or grammatical errors - don't rely on Spell Check! Does it all make sense? Have you been logical in your arguments?
Tip 9 - Get the Presentation Right

After having spent a lot of time and effort on the content you don't want to spoil it all with poor presentation! Here are some tips:

• Get the Plan typed; it will make it look more professional

• Make sure all the papers are clean and that there are no dirt marks or coffee stains! Buy some good quality paper

• Purchase a classy folder or binder to put your Plan in (paper clips or staples may not portray the right image!)

• don't forget to include all your contact details
Tip 10 - Deliver Your Plan to the Reader in Time

Once you are satisfied that your Plan is a good representation of your business you can post it but ideally you should deliver it, at least you know it has got there! Prior to a formal interview (if your aim is to obtain finance) you need to give the Manager time to read your plan. Ask to make an appointment with him in 3 days so he has time to read it.
Enclose a covering letter saying that you have made an appointment and your Plan is attached for him to review and to prepare any questions.
All that remains for you to do is to turn up at the agreed time and present your case!

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