Succeeding in business in the current financial crisis can only be through a properly laid down business plan. Here’s a free profit and loss account spreadsheet template tool (xls) for incorporating these factors and financials into a more formal phased business trading plan, which also serves as a business forecasting and reporting tool too. Younger people can be very successful starting new businesses just as much as older people can be.
Another good idea is to remove the financial information from a business plan to leave a guide for employees that helps them to know what your business is all about and to maintain focus as they work. This kind of customer profiling tool and exercise is often overlooked, but it is a critical aspect of marketing and sales development, and of optimizing sales effectiveness and business development performance and profitability.
The feasibility plan is especially useful when you decide to go for crowdfunding: Kickstarter and other similar websites will require you to present your product. Securing financial assistance to start your new business will be directly related to the strength of your business plan.
It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. It turns out people aren’t really that interested in your product or service.
Business plans are used in some primary and secondary programs to teach economic principles. You can maximise your chances of success by adopting a continuous and regular business planning cycle that keeps the plan up-to-date. Depending on your goals and needs, there are different business plans to consider.