Business Plan Checklist by 50MINUTES

Author:50MINUTES
Language: eng
Format: epub
Publisher: 50Minutes.com
Published: 2017-02-28T00:00:00+00:00

Recommendations for an effective business plan

When creating a business plan, think objectively. It is essential to estimate the various points correctly and logically and, above all, to realise that granting yourself a disproportionate salary at the end of the first year after the launch of a new project is not necessarily realistic.

Ensure, as far as possible, that the project is feasible. This may seem obvious, but being sufficiently profitable after three years is important for survival.

Compare projections with those of competitors. This will help you determine whether your analysis is appropriate. If this is not the case, correct it immediately.

Have the plan approved by experts in the field. This may involve a one-stop shop for businesses which can point out certain things that are missing, and thus enable you to review your strategy so that your business plan is more adapted to the realities of the market.

Have non-experts read the business plan. A business plan should be readable and understandable by everyone, whether they are specialists in the field or not.

Follow the changes of the company based on the business plan and adjust accordingly. This is one of the major assets of the tool, as it verifies that the intended strategy has been well implemented. It is therefore important that the business plan remains a basis for development and support for the management of the business, and in particular for new activities, in the first few years after the launch.

Finally, do not conceal harmful information, do not hide the real risks and do not alter the financial forecasts. The founders must take responsibility if the company goes bankrupt!

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