Developing A Business Plan

1) - Developing a Business Plan - Throughout the process of creating a plan, you need to keep in mind the objective of the plan. Why are you writing the plan? Is it to manage the business? Or is it to raise money? Annual plans are used to manage a business. Business plans are used to attract capital. But there are exceptions, and often the difference between annual plans and business plans becomes muddled. Banks and other lenders or investors may require a copy of each year’s annual plan. And management may use the start-up business plan as a basis for operating the business. Keeping a clear distinction between annual plans and business plans is not important. What is important is keeping the primary objective of and the primary audience for the plan clear. As a rule of thumb, if the plan will be used to attract investors or lenders, this is the primary objective and outsiders are the primary audience. If the plan will help manage the business, this is the primary objective and insiders are the primary audience.

2) - Developing a Business Plan Yourself - When Aboriginal Business Canada (ABC) requests that you prepare a business plan, your development officer can provide you with a detailed business planning guide. This will outline the information we require in your plan that is specific to your project. There are also online resources you can use to complete your business plan. Some of these are available on our links page.

3) - Developing a Business Plan for Value-Added Agricultural Products - Planning a new business is like planning a vacation. Before leaving home for a family vacation, one or more family members typically pull out a roadmap and determine the best route to reach a fi nal destination. In addition to realizing a final destination, points of interest and places to visit along the way are marked on the map. Travel arrangements and scheduled stops are worked into a time table and the expected costs of the vacation are determined. Contingency plans also are made, in case bad weather or car problems prevent the vacation from going as planned. With distances, times, and expenses laid out, the family members see exactly what they can and can’t do, based on time and budget constraints. Following these steps helps the family be prepared to get all that they can from their vacation.

4) - Business Development The Business Plan Workbook - An excellent question to ask yourself is: "What business am I in?" In answering this question include your products, market and services as well as a thorough description of what makes your business unique. Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions. The business description section is divided into three primary sections. Section 1 actually describes your business, Section 2 the product or service you will be offering and Section 3 the location of your business, and why this location is desirable (if you have a franchise, some franchisors assist in site selection).

5) - Developing Your Business Plan - At BMO Bank of Montreal, we are committed to helping Canadian businesses develop and succeed. To this end, we’ve created a Business Coach Series that provides information and knowledge that can optimize the value of your company’s financial resources. The booklets that make up the Series focus on essential areas of financial management allowing you to focus on operating your business more effectively. While a business plan can go a long way in helping you get the financing you need, it can also be important in helping your business succeed over the long term. With a sound business plan, you’ll have solid goals to aim

for, a strategy for reaching them and a useful understanding of the environment in which your business is operating. A business plan doesn’t have to be complicated or time consuming. It simply requires you to consider the factors that will affect your business and allows you to plan to deal with them. You should also realize your plan isn’t written in stone: expect the unexpected and change your plan when necessary.

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