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How to Prepare a Business Plan

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method of preparing a business plan
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  UK  How to Prepare a Business Plan The follow sections will be required in your business plan:  Introduction to Your Business Plan  Who are the promoters & what is their previous experience?  Executive Summary  What is the proposal?  Who are the personnel?  When is the proposal launch timed for?  What finance does the proposal require?  Main Body of Your Business Plan  Management of te Business  Who will be the directors/principal of the business?  Who are the owners?  Who are the senior management?  What other staff are required?  Have you considered staff contracts of employment?  How will the directors/senior management/staff be paid? ie salary!  bonuses!commissions! etc  What s ills and experience will your staff require?  Will you need to provide ongoing training for your staff?  Have you considered government incentive schemes for employers?  Management Information  Will you need periodic accounts or other information iewee ly/monthly/quarterly?  To what extent will you computerise the operation?  What personnel will be responsible for providing information?  How reliable will the figures be? #   What have the results been to date?  Have you carried out sensitivity analysis?  Product !etails  $escribe your product or service  What is the required quality of your product?  %s there a range of products you wish to provide?  What differentiates your products from your competitors?  What is the pricing structure of the products'?  How is this different from your competitors?  Production Process  $oes your product follow a production process?  What are the wor er & machinery requirements?  Image  Have you considered the use of brands! patents! copyrights?  What sort of image do you wish to pro(ect for your product? ie quality  What image does your competition have?  $o you have a logo for your products'?  $o you now what business stationery you require and have you arranged to print this?  Have you arranged for signs to be made for your business premises?  Business ame  Have you decided on a name for your business?  $oes this name conflict with another on the business names register?  %f you are trading as a limited company has this been formed?  %s your chosen company name on the company registration office register already?  Mar#et $rends % Promotion  Have you done any mar et research for your business? )   What are your target mar ets?  *re there any new products coming onto your target mar et?  What range of products are currently being provided on your target mar et?  Have you considered the use of a mar eting consultant?  How will you present & promote your product on the mar et? &ustomers  Who will be your main customers?  What value of business would you anticipate from each of your main customers?  Who are your contacts for each main customer?  Who are your potential customers?  How do you wish to attract new customers?  Have you considered the use of internet business? &ompetition  What are your main strengths in the mar et?  What do you feel gives you a competitive edge? $erms of $rade  $o you offer credit and what are your credit limits for your customers?  What are your credit terms and how many days do customers have to settle your account?  $o you have a debt collection policy to control your credit terms?  +an you accept cash! cheque or credit card payments?  What payment terms do you have with your suppliers?  $o you offer discounts?  Suppliers  What is the quality required of the product supply?  How reliable are your suppliers?  How available are your supplies?  What is the product you need supply of? ,   How will you distribute your product?  'dvisors( )inance % *rants  Who are your advisors ie financial! legal! technical & mar eting?  What is your capacity to raise finance?  Who are the potential investors in your business ie ban s/credit unions/government agencies etc?  Have you appointed an accountant/tax advisor?  What assets/activities will the finance be used for?  Have you opened a business ban account and arranged for authorised cheque signatories?  What are going to be your main costs?  What turnover do you require to brea even?  What grant aid is available for your business ie for capital expenditure! labour costs! business development! etc $axation  Have you considered the taxation framewor for your business?  Have you registered your business for -*T/.*0/1usiness Tax?  Have you considered the legal structure of your business ie sole trader/partnership or limited company?  Have you considered the accounting system requirements for your business?  Healt % Safety( Professional and Industry Standards  Have you considered the requirements of the health & safety at wor legislation?  %s your business aware of professional or industry standards and is it regulated in any way?  Premises  What square footage is required?  Where do you wish to locate your business?  What safety standards apply to your business?  Have you considered government tax incentive schemes that may be available in certain geographical areas? 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