The Wisteria Business Plan getting started manual!

1. Business Plans
The Wisteria Business Plan getting started
manual.

2. What is a business plan?
 The business plan captures the strategic, operational and financial aims
of the company.
 …and so the business plan should be a realistic representation of your
forecasted assumptions.
 A business plan mustn’t be thought of as a rigid prediction of every
future occurrence, but more of a formal document that systematically
address both the problems and threats for new ventures and ones that
are currently trading.
 A business plan may save you time and money in the future. Thinking
about the possible bumps in the road ahead, whilst considering how the
company intends on manoeuvring around those potentially derailing
potholes.

3. Why I may need a business

plan? have a business plan as an in-house document. Have you
It is useful to
ever thought about having a business plan completed after the first year of
trading? It is most certainly a good idea to record the businesses actual
figures against the originally forecast figures. By doing this, better
enables the business to track the growth of the business and better
forecast the trajectory next time around. This may be instrumental in
setting budgets, ensuring that the business is not only prepared but
capable of operating at an increased capacity and has a better indication
of the resources that will enable it to do so.
 Visa Purposes - In order to trade overseas a business proprietor may be
required to frequently travel back and forth between their home and the
host country. For this, border officials will need to see evidence that the
business is a) profitable b) provides jobs and stimulates the economy and
c) the operations of the business is not at odds with the country’s legal
requirements. This criterion will often have to be met before a Visa is
issued and this is a common form for writing a business plan.

4. …Why I may need a business
plan?
 Funding - If you’re relying on investment, it is important that you
present a comprehensive business plan that reflects the current
economic conditions.
 A comprehensive business plan may also be required in order to
establish a franchise. This acts an agreement permitting the sharing
and usage of trade name, trade mark and confidential business data.
It is important for the franchisor to review your business plan in
order to be gain assurance that the potential franchise owner is
committed and capable of adhering to the agreed standards of
quality and service in exchange for an on-going support.

5. …Why I may need a business
plan?
 Businesses are under pressure from environmentalists, activists and the
media to be greener, whilst still attempting to hold on to market share
and often gain a competitive edge. Society’s expectation of business
practice is constantly on the rise and as such, businesses are being
forced to adapt to more ethical operations. Therefore as a business you
may want to do more, or better still, to be been seen to be doing more.
Introducing environmentally friendly measures is simple, and often a
business plan is seen as the most effective platform to convey your
businesses intent.

6. The structure of a business
plan?
 Executive summary – although this chapter is the first that the
reader should be presented with, this tends to be written last. The
executive summary should provide a broad overview of all the
functions of the business. This should be snappy and encourage the
reader to progress with the document.
 What is the concept? Here is your opportunity to explain, what
you’re aiming to achieve, location and perhaps how this idea came
about?
 Product/Service - Here is your opportunity to introduce and ‘sell’
the businesses main sources of revenue.
 Personnel section - This important chapter lets the reader know
who is behind the business, levels of experience, expertise and all
the factors that will inevitably influence competitiveness.

7. …The structure of a business
plan?
 The market opportunity is a chapter which emphasises the
demand for the product or service in question. It is vital in assuring
the reader that this business has the support and following required
to be a success.
 Competitors – it is a good idea to analyse the market and all those
around you that are acting as a direct or indirect competitor. It is
important that you also think about substitute product or services.
 Marketing, Promotions and Communications. All of these
channels should be mentioned in the business plan, stating exactly
what the business intention happens to be.

8. …The structure of a business
plan?
 The operational chapter should include information relating to the
trading of the business. This includes office hours, premises
information and administrative matters.
 A contingency plan tells the reader that even if things go wrong or
certain mistakes occur, which they inevitably will do, the business
has alternative options.
 Financials – this section is a good point to close on and should
generally include a cash flow forecast, profit and loss account and
balance sheet.

9. Common mistakes
 It is far too easy for the forecast to be unrealistic. A healthy
dose of scepticism is important, whilst remaining positive.
 The competition is one of the most important elements of the
business plan and is arguably the most difficult to get right. Ensure
that you do not underestimate those around you and think outside
the box in terms of exactly who your competitors may be.

10. …Common mistakes
 Language and formatting. Many business plans are poorly written
and it is a great shame for a business plan to fall down in this
respect. Always have friends, family or a colleague proof read the
work and ensure that your plan is not taxed based your grip on the
English Language.
 Too detailed. Although the business plan should be thorough it is
worthwhile considering that the reader may not be as technical as
you are. Although it is important to provide lots of information just
be wary and ensure that you simplify content. Remember that you
can always go into specifics at a later stage.

11. …Common mistakes
 Every business plan should have a purpose. This is critical as it
dictates the shape and tailoring of the plan to ensure that the
document best appeals to the reader. A business plan with the aim of
gaining funding will be wholly different from a business plan for
developmental purposes. One will signify the weakness and perhaps
detrimental effects of not taking action. The other will paint the
business in the most positive light and any weakness should be
addressed but wrapped in have solid action points.

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