Everything You Need To Know About Business
We find ourselves in the Age of the Great British Start-up!
Everywhere, it seems, people have a new idea that they want to turn into a business, a new business model that they want to turn into a company -- or an old company that needs a new idea. Britain has always been a nation of small businesses but the rapid growth in new businesses, fuelled by the Internet, is quite staggering.
So how do you navigate your way through this new era of start-ups?
Whether you're launching your own "dotcom" (or "dot.co.uk" for that matter) or starting the restaurant that you have always dreamed of opening, how do you make the right decisions? Should you wait until you have just a little more money or go for it? Find the right partner or go it alone?
The one thing that is for certain is that it is no longer a certainty for any of us that we willl spend our lives working for others.
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What a Business Plan can do for you
Your business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.
Plan Your Work
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.
Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.
Before you begin writing your business plan, consider four core questions:
Writing the Plan
What goes in a business plan? The body can be divided into four distinct sections:
Addenda should include an executive summary, supporting documents, and financial projections.
Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarised in the following outline:
Elements of a Business Plan
Statement of purpose
Table of contents
Copies of letters of intent from suppliers, etc.
Great British Businesses were planned that way!
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