Business Planning

The Business Plan is an enterprise’s blueprint for success. It may sound cliché but if you fail to plan, then you plan to fail.

What is a Business Plan?

A business plan is a written document that clearly describes the following:

  • Who are you?
  • What is/ are your intended business activities?
  • Where will your business be located?
  • When do you expect to commence operations (if it is a start-up)?
  • How do you plan to mitigate the risks involved and provide the returns anticipated (for a lender, investor or supplier)?

The business plan states the goals for the business enterprise and should be an excellent tool in ascertaining the feasibility of a new business or a proposed expansion of an existing business. This document should describe your business environment – for example, who are your customers and competitors? How does your enterprise fit into this environment now and in the future based on your goals?

Who should prepare a Business Plan?

It is recommended that a comprehensive business plan should be prepared by a professional firm, like the Milestone Consulting Group. Apart from the business owner, the readers of a business are usually a lender, investor or supplier, hence the reason that a professional, well-written business plan will go a long way when sharing it with third parties.

However, the process of preparing a business plan is one that is highly collaborative between the consultant and the business owner as a consultant must rely heavily upon the business owner for information and insight into the business and relevant industry. More importantly, once the plan is completed, it is incumbent upon the business owner to implement the business plan. Once a business plan is completed, it is recommended that every business owner review this document periodically and amend it, if necessary.

More Information

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