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Business Plans

A "Flight Plan to Success"

 
  Introduction to the Business Plan Concept
 

A business plan can be compared to a “Flight Plan” in the world of aviation. Every day is another leg of a journey to some destination. Before departure from an airport it is crucial to know where you are going, how long it will take to get there, how many passengers you can carry, how high you can fly and what will it take to sustain the flight to the destination. As any good pilot will tell you, the most important aspect of the plan is to know where the alternate airports are in case of an in-flight emergency. Flying field to field is a good thing. There are lots of “Good Old Pilots” but, not many “Old Bold Pilots” to speak of.  

  Before starting a new business or expanding an existing business, you should develop a business plan. The business plan will serve many purposes. First, it will help you define the purpose of your business and organize it. It also helps you determine the business’s growth patterns and any consequent problems before they arise; thus enabling you to more effectively deal with them. The business plan is an agreement on how your management team plans to carry out certain functions to achieve business results and serve as a means of measuring the company’s performance.
  Lastly, the business plan is a document that will assist when raising capital from banks, private investors, or other sources. The business plan should strongly communicate the business concept, its viability, the business model and the management structure that will be used to reach the business objectives.
  Here's a road map, or checklist, to guide you in your writing. Although every business plan should reflect the opportunities, concepts and entrepreneurial team that fit a particular business, it is important to consider the full range of issues you and your potential investors are likely to face. A business plan will often build and refine the key concepts developed within the Proof of Business Concept (Feasibility Study) that you should conduct to formally justify the business concept prior to committing the resources needed to develop a formal business plan
  Function of the Business Plan
 

The best business plans are both management guides and selling tools.

 

Writing a business plan should help you think through most of the issues you will face in starting a business. While you will not prevent all surprises, at least you should be able to plan for the more likely eventualities, freeing yourself to respond creatively to the true surprises.

 

Communicating a business plan to partners - including investors, major customers or suppliers, and key employees - should generate useful feedback on all aspects of the business.

 

Finally, the business plan itself should serve as a useful tool – along with personal contact - for  convincing such partners to sign on to your vision.

 
   
 

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